Biden Administration Announces Nord Stream 2 Sanctions

The Biden Administration on Wednesday announced it would impose sanctions on the company behind the construction of the Nord Stream 2 pipeline and its officers.

The company, Nord Stream 2 AG, is owned by a subsidiary of Russian energy company Gazprom.

“Today, I have directed my administration to impose sanctions on Nord Stream 2 AG and its corporate officers,” President Biden said in a statement. “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.”

Construction on the $11 pipeline, which will be used transport Russian gas to Germany via tha Baltic Sea, was completed in September, but the pipeline has sat idle as it awaits approval from Germany.

Germany on Tuesday halted the approval process after Russia formally recognized two breakaway regions in eastern Ukraine.

“Through his actions, President Putin has provided the world with an overwhelming incentive to move away from Russian gas and to other forms of energy. I want to thank Chancellor Scholz for his close partnership and continued dedication to holding Russia accountable for its actions,” President Biden said.