I think Russia has made a serious mistake. It has demonstrated its willingness to use its gas as a political and economic tool.

Russia has done some serious damage to its otherwise-good reputation for security of supply. Europe is going to have to take a hard look at their exposure and whether there's a way to fix that.

The company's results have demonstrated that its strategy has stagnated.

I think the whole policy of pre-emptive war is a serious, serious mistake.

Russia is unable to increase its exports without cheap gas from Central Asia to compensate for a deficit on its domestic market.

It's hard to say we had been thinking about this sort of problem. The traditional supply disruption you think about is a political one, like the 1973-1974 embargo. Here, you had a situation where a local refining problem could become a global one.