00:00We're talking about the potential for war in Europe.
00:04I mean, let's really take a moment to understand the significance of what we're talking about.
00:09It's been over 70 years, and through those 70 years, as I mentioned yesterday, there has been peace and security.
00:17We are talking about the real possibility of war in Europe.
00:21The purpose of the sanctions has always been and continues to be deterrents.
00:26But let's also recognize the unique nature of the sanctions that we have outlined.
00:33These are some of the greatest sanctions, if not the strongest, that we've ever issued.
00:38As I articulated yesterday, it is directed at institutions, in particular financial institutions and individuals,
00:47and it will exact absolute harm for the Russian economy and their government.
00:53that the deterrence effect of these sanctions is still a meaningful one,
00:57especially because, remember also, we still sincerely hope that there is a diplomatic path out of this moment.
01:06And within the context, then, of the fact that that window is still open, although it is absolutely narrowing,
01:13but within the context of a diplomatic path still being open,
01:17the deterrence effect we believe has merit.
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