Businesses are asking themselves,' Do I want to continue with something where I don't know if a contract I sign today can be executed weeks or months in the future,' the overall distress in Russian financial system makes it too uncertain. Businesses hate uncertainty. This is uncertainty on steroids.

Josh Lipsky

These supply chains have been built over 30 years, so you just can't move them into another country, check back in at Davos in 10 years and see how different the global economic system is. It doesn't mean there's not a desire to change, but actually doing it is far more complicated.

Fragmentation is the sense that we may be having economies protect themselves a little more domestically, and that could slow things down, and then it may make things more expensive in return.

Given the punitive measures The West has taken against Russia, there's a serious conversation in some economies, including China, about reducing reliance on the dollar.

There are alternatives, companies are able to find those other markets and trading partners and meet all those fiduciary requirements to their shareholders. They've made the decision that Russia is not worth the risk.

This is not North Korea. North Korea's not North Korea. North Korea's not North Korea, because of the energy [ Russia ] exports, it is systematically important and especially important to the world energy market.