Russian Sanctions Coming from All Directions
Governments around the world are rolling out their own versions of Russian sanctions over conflict with Ukraine, as the two countries teeter on the brink of war. President Joe Biden officially called Russia's decision to deploy troops in eastern Ukraine "the beginning of a Russian invasion."
"We will not allow Russia to claim the pretense of diplomacy at the same time it accelerates its march down the path of conflict and war," U.S. Secretary of State Antony Blinken said, according to NPR.
Initial sanctions from the U.S., approved Tuesday, target two major Russian financial institutions, limit Russia's access to Western financing and impose penalties against Russian elites and their families, Forbes reports.
One of the toughest responses came from Germany, which plans to halt the certification of the Nord Stream 2 pipeline, an $11 billion project "that would have solidified Russia's grip on Europe's energy sector," a Bloomberg report reads.
Japan, Australia, Canada, the E.U and the U.K are among the latest countries to respond with tough financial sanctions. Japanese Prime Minister Fumio Kishida banned trade with Russia and with the two Ukrainian rebel regions, per the Associated Press.
Most governments have said they will increase sanctions if the Russia—Ukraine conflict worsens.