Let's talk about the measures to lift sanctions on Russian and Iranian oil. How impactful is that? Doesn't this just make Russia a big winner of the conflict?
@JasonBordoff: So far, I think Russia is a big winner from the conflict. High oil prices are obviously good for Putin and easing of sanctions and waivers is good to allow other countries to buy more Russian oil.
We should remember, a whole shadow economy has developed to sort of bypass sanctions with a shadow fleet of tankers and uninsured tankers. So Russia has been able to export despite sanctions for some time, but they'll be able to probably export a bit more, a bit faster, and maybe most importantly, get a higher price for it.