Sanctions package against Russia takes shape: Nord Stream 2 suspended, British target banks and oligarchs

“Can’t get the certificate.” With these dry words, German Chancellor Olaf Schulz called for the controversial Nord Stream 2 project to be halted. Given the Russian invasion of eastern Ukraine, he felt that “the situation around Nord Stream 2 must be reassessed”.

Earlier, US President Joe Biden, among others, had hinted at commenting if a raid would take place. The Germans themselves were in doubt about the gas pipeline for a long time. Because of German industrial interests, the controversial project remained unaffected for a long time. But political ties also managed to spare the project for a long time. Former German Chancellor Gerhard Schroeder – also a fellow member of Schulz’s party – is the head of Nord Stream 2. In addition, Schroeder is a member of the boards of the Russian oil giant Rosneft and gas giant Gazprom.

Ukraine welcomes comment. “It is a moral, political and practically correct step,” Ukraine’s foreign minister said on Twitter. “True leadership means making difficult decisions in difficult circumstances. The German move proves just that. The White House has also responded positively to the German decision. We welcome their announcements,” a spokeswoman said.

This is the first major punishment targeted and hit hard by Russia after it recognized two independent Ukrainian regions last night and sent “peacekeepers” there. Therefore, almost all Western countries want unprecedented sanctions against Russia.

United kingdom

British Prime Minister Boris Johnson was the first to unveil the full package of sanctions. Five banks and three oligarchs face British sanctions. These are Rossiya banks, IS Bank, General Bank, Promsvyazbank, Black Sea Bank and oligarchs Gennady Timchenko, Boris Rotenberg and Igor Rotenberg. Their assets in the UK are frozen, British and British companies have become very difficult to do business with and the oligarchs are no longer welcome on British soil. Johnson promised it was a “first batch of sanctions”. “We will punish severely if it further affects the sovereignty of Ukraine,” he added.

European Union

High Representative for Foreign Affairs Josep Borrell announced that the foreign ministers of the European Union member states agreed in Paris on new sanctions against Russia. Among other things, 27 people and companies in the so-called “people’s republics” were affected. All members of the State Duma who asked President Putin in a resolution to recognize Donetsk and Luhansk as independent states are also subject to sanctions. Finally, the banks that finance Russian military operations in that region are also processed.

“Member states have unanimously agreed to this package of sanctions and it will hurt Russia and it will hurt a lot,” Borrell said at a press conference in Paris with French Foreign Minister Jean-Yves Le Drian.

Lavrov reacts calmly

Russian Foreign Minister Sergei Lavrov is not impressed. “The West will impose sanctions anyway,” he says. This is independent of the fact that we recognized the territories. “Our European, American and British colleagues will punish us until they are no longer able to do so,” Lavrov said.

There have been sanctions against us for a long time. just us. We know that penalties can be imposed like this: with or without reason.

According to the Russian Energy Minister, the Europeans are shooting themselves in the feet by blocking Nord Stream 2. “Europe will not be able to replace the large volume of Russian gas with imports from other countries,” he says.

Watch how the Ukraine crisis and the Nord Stream 2 pipeline also affect the gas bill in the video below: