Biden said the first wave of U.S. penalties includes 'full blocking sanctions' on two major Russian financial institutions. Here's what that means:
On Tuesday, Germany announced it would halt certification of the Russian-owned Nord Stream 2 gas pipeline. German Chancellor Olaf Scholz said his government would “reassess” the matter in light of Putin's aggression against Ukraine."Because of Russia's actions, we've worked with Germany to ensure Nord Stream 2 will not, as I promised, will not move forward," Biden said.
"My administration is using every tool at our disposal to protect American businesses and consumers from rising prices at the pump. As I said last week, defending freedom will have costs for us as well," Biden said."I'm going to take robust action to make sure the pain of our sanctions is targeted to the Russian economy, not ours," Biden said.
The administration is also threatening sanctions against two of Russia's largest banks, including Sberbank,"which collectively hold almost $750 billion in assets, or more than half the total in Russia as a whole," the official said. Kicking Russia out of the SWIFT financial system would block Moscow from most international financial transactions, including international profits from oil and gas production, which account for more than 40% of the country’s revenue.
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