Following the announcement from Russia’s President that Moscow will recognise the independence of two Russia-backed separatist areas in eastern Ukraine, Western nations have enforced a series of sanctions in hopes of preventing a conflict. This includes German Chancellor Olaf Scholz halting the Nord Stream 2 Baltic Sea gas pipeline project, which was designed to double the flow of Russian gas direct to Germany.
Additionally, in a statement the 46th US President Joe Biden announced he would put sanctions on Nord Stream 2 AG, the parent company of the Nord Stream 2 pipeline.
The 79-year-old President said: “These steps are another piece of our initial tranche of sanctions in response to Russia’s actions in Ukraine.
“As I have made clear, we will not hesitate to take further steps if Russia continues to escalate.”
White House press secretary Jen Psaki echoed Mr Biden’s statements and stated the project will not be going ahead.
Despite recent hurdles for Nord Stream 2, Russia remains a major supplier of natural gas to the rest of Europe.
The nation provides roughly 35 percent of Europe’s natural gas, and Olaf Scholz was hesitant to stop the project as Germany is dependent on energy imports.
The move will likely deepen the gas price crisis which is gripping Europe, which has worsened amid the situation in Ukraine.
Former US President Donald Trump also commented on the unfolding oil and gas crisis.
The 45th US President made a statement on his website: “If properly handled, there was absolutely no reason that the situation currently happening in Ukraine should have happened at all.”
“I know Vladimir Putin very well, and he would have never done during the Trump Administration what he is doing now, no way!
“Russia has become very very rich during the Biden Administration, with oil prices doubling and soon to be tripling and quadrupling.
“The weak sanctions are insignificant relative to taking over a country and a massive piece of strategically located land.
“Now it has begun, oil prices are going higher and higher, and Putin is not only getting what he always wanted, but getting, because of the oil and gas surge, richer and richer.
“The US was energy independent under the Trump Administration, an independence that we had never obtained before, and oil prices would have remained low.
Now, what a mess our Country is in.”