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US Plans Sanctions On Nord Stream 2 AG That Builds Russia’s Gas Pipeline: Report

Ukraine Crisis Latest Update: The Biden administration said the sanction would be part of US-imposed penalties against Russia.

Updated: February 24, 2022 12:09 AM IST

By News Desk | Edited by Manmath Nayak

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The European Union (EU) countries and the US have imposed a range of sanctions against Russia. 

Washington: Amid the increasing Russia-Ukraine tension, the Biden administration on Wednesday said it is planning to announce sanctions on Nord Stream 2 AG, the company in charge of building Russia’s Nord Stream 2 gas pipeline and added that it would be the part of US-imposed penalties against Russia, news agency Reuters quoted a source as saying.

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Nord Stream 2 AG is a well-known and registered Swiss firm whose parent company is the Russian state-owned gas giant Gazprom. This particular pipeline project has been designed to double the direct flow of Russian gas to Germany.

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Even though the US Treasury Department did not immediately respond to a request for comment, the latest development was first reported by CNN.

On Tuesday, the White House had said that the development of Nord Stream 2 was “not moving forward at this point in time” after steps by Germany to halt the Baltic Sea gas pipeline project.

Earlier in the day, the UK government also warned that it stands ready to escalate sanctions on Russia in the event of an invasion of Ukraine and can “keep turning up the heat” by targeting more banks, wealthy individuals and key companies if President Vladimir Putin refuses to pull back troops from eastern Ukraine.

Giving details, Foreign Secretary Liz Truss said the sanctions announced in Parliament by British Prime Minister Boris Johnson on Tuesday against five Russian banks and three Russian billionaires linked with President Putin were severe but that further measures are being kept in the locker.

The UK has joined international allies to take action after Putin ordered troops to be sent into two Ukrainian regions held by Russian-backed separatists.

“The sanctions we’re putting in place are coordinated with the United States, they’re coordinated with Europe, to make sure that Vladimir Putin cannot play divide and rule amongst the allies, said Truss.

Apart from this, the other European Union (EU) countries and the US have also imposed a range of sanctions, including restricting the Russian state from financing its debt from their banks and banning their own companies from trading with the two rebel-held regions.

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Published Date: February 24, 2022 12:07 AM IST

Updated Date: February 24, 2022 12:09 AM IST