A supplier informs the project manager of an upcoming raw material shortage due to a regulatory change. What should the project manager do?

The project manager's immediate priority is to understand how this new risk impacts the project. Assessing the possible impact involves evaluating schedule, cost, quality, and scope implications. This information is crucial for developing appropriate risk responses. Seeking legal advice or applying contractual penalties might be a later step if the supplier is in breach, but it doesn't address the immediate project impact. Searching for a new supplier is a potential risk response, but it should only be pursued after understanding the full impact and evaluating other options. Telling the supplier they are obligated doesn't solve the problem of the impending shortage.