REPORTER: The Russian stock market has been soaring the past couple of days. Is this a sign that the sanctions are ineffective if they're not really paying a cost? And the reality is it's up about eight-, nine-percent the last couple of days, their main stock exchange.
JAY CARNEY: I think it's down for the year, and I think the ruble has lost its value, and I think that he long-term effect of actions taken by the Russian government in clear violation of the United Nations charter, in clear violation of its treaty commitments, that are destabilizing and illegal will have an impact on their economy. All by themselves. They will also incur costs because of the sanctions that we and the EU have imposed, and there will be more actions taken under the authorities that exist with the two executive orders that the president has signed. So I wouldn't -- I wouldn't, if I were you, invest in Russian equities right now... unless you're going short.