Responding swiftly to Russian President Vladimir Putin’s order sending troops to separatist regions of Ukraine, world leaders hit back with non-military actions Tuesday in hopes of averting a full-blown war in Europe, Associated Press reported.
Germany made the first big move, taking steps to halt certification of the Nord Stream 2 gas pipeline from Russia — a massive, lucrative deal long sought by Moscow but criticized by the U.S. for increasing Europe’s reliance on Russian energy supplies.
And in Washington, U.S. President Joe Biden announced financial sanctions on banks and oligarchs as punishment for what he called “the beginning of a Russian invasion of Ukraine.” He said the U.S. would impose “full blocking” on two large Russian financial institutions and “comprehensive sanctions” on Russian debt.
“That means we’ve cut off Russia’s government from Western finance,” Biden said. “It can no longer raise money from the West and cannot trade in its new debt on our markets or European markets either.”
Biden promised that more sanctions would be coming if Putin proceeds further.
The European Union announced sanctions taking aim at the 351 Duma legislators who voted in favor of recognizing separatist regions in Ukraine, as well as 27 other Russian officials and institutions from the defense and banking world. They also sought to limit Moscow’s access to EU capital and financial markets.
“This package of sanctions … will hurt Russia and it will hurt a lot,” EU foreign policy chief Josep Borrell said after chairing a meeting of EU foreign ministers in Paris.
“We will make it as difficult as possible for the Kremlin to pursue its aggressive policies,” said EU Commission President Ursula von der Leyen.
Outside the EU, British Prime Minister Boris Johnson named five Russian banks and three wealthy individuals whom the UK hit with sanctions on Tuesday.
And if Putin pushes further into Ukraine, NATO chief Jens Stoltenberg insisted, “there will be even stronger sanctions, even a higher price to pay.”
The U.S. and other Western nations have pressed daily for diplomatic efforts to head off a dangerous military confrontation. But the failure of that effort was underscored Tuesday as Secretary of State Antony Blinken canceled plans for a Thursday meeting in Geneva with his Russian counterpart, saying Russia’s actions showed there was no point.
Western powers have long made clear the fate of Ukraine must not lead to a direct military confrontation with Russia and the potential of a world war, so sanctions were the limited option.
