Germany halts Nord Stream 2 gas project; Australia and Japan also issued sanctions against Russia
The United States and European countries on Tuesday imposed economic sanctions on Russia for beginning an “invasion of Ukraine,” after Western officials confirmed that Russian armed forces had started marching across the Ukrainian border.
US unveils sanctions
Speaking from the White House, US President Joe Biden condemned Russian President Vladimir V. Putin saying: “This is a flagrant violation of international law and demands a firm response from the international community.”
Biden said that the “first tranche” of sanctions against Russia for its aggression against Ukraine includes:
- Loss of a key natural gas pipeline
- Cutting off global financing to two Russian banks, Russian sovereign debt and Russian elites
The sanctions would effectively “cut off Russia’s government from Western finance,” said Biden, warning that Moscow can face more sanctions if it did not withdraw its forces from Ukraine. The US president also urged Putin to engage in diplomatic efforts to resolve the conflict.
Meanwhile, US Secretary of State Antony Blinken canceled a planned meeting with the Russian foreign minister on Thursday, maintaining that holding talks with Russian leadership does not “make sense” while their forces are on the move.
UK, Canada and Australia impose sanctions
Separately, Australia, Canada, and Japan also imposed sanctions on Russia joining the growing list of countries acting against Moscow in reaction to Putin’s recognition of two Ukrainian regions Luhansk and Donetsk as independent states and entering Russian armed forces into eastern Ukraine.
Australia’s sanctions
Australia’s sanctions would include targeted travel bans and financial sanctions against members of Russia’s National Security Council, said the Australian Prime Minister Scott Morrison. He further said that Ukrainian visa applications would be moved to “the top of the pile.”
Canada’s sanctions
Canadian Prime Minister Justin Trudeau also denounced Russian military actions and announced to ban all Canadians from participating in “financial dealings with the so-called independent states of Luhansk and Donetsk.” Canadians will also be banned from purchasing Russian sovereign debt.
Japan’s sanctions
Japanese Prime Minister Fumio Kishida said Japan’s sanctions against Russian would involve prohibiting the issuance of Russian bonds in Japan, freezing the bank accounts of certain Russian individuals, and restricting travel to Japan. Moscow elites and Russian banks will also be targeted.
Germany halts Nord Stream 2 gas project
In the wake of the latest developments in the Russia-Ukraine conflict, Germany on Tuesday halted the Nord Stream 2 Baltic Sea gas pipeline project, designed to double the flow of Russian gas direct to Germany. The pipeline had been set to ease the pressure on European consumers facing record energy prices amid a wider post-pandemic cost of living crisis, and on governments that have already forked out billions to try to cushion the impact on consumers.