[Asia Economy New York=Special Correspondent Joselgina] The Biden administration announced official sanctions on the 'Nord Stream 2' natural gas pipeline transporting gas to Europe on the 23rd (local time). The sanctions are effectively targeted at Russia's state-owned gas company Gazprom.
According to the White House, President Biden stated in a separate statement that he directed sanctions against Nord Stream 2 AG and its company executives. President Biden emphasized, "This action is part of our initial measures in response to Russia's actions in Ukraine," adding, "If Russia continues to escalate tensions, we will not hesitate to take additional measures."
Nord Stream 2 AG is a Swiss-based company overseeing the construction of the Nord Stream 2 gas pipeline connecting Russia and Germany. Gazprom, the Russian state-owned gas company, holds 100% of its shares.
The day before, Germany suspended the approval process for the Nord Stream 2 gas pipeline and imposed sanctions against Russia. Accordingly, the United States also appears to have implemented additional sanctions. President Biden, referring to Germany's announcement of the suspension, said, "I thank Chancellor Olaf Scholz for the close partnership and continued commitment to hold Russia accountable for its actions."
President Biden has long warned that if Russian natural gas is exported to Europe through Nord Stream 2, Europe's dependence on Russia could deepen.
Meanwhile, President Biden classified Russia's recognition of the independence of separatist forces in Ukraine's Donbas region and the order to deploy troops there as an 'invasion,' announcing sanctions on financial institutions, government bonds, and family members close to Russian President Vladimir Putin. He also made it clear that additional sanctions will be imposed depending on Russia's future actions.
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