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 US for increasing Europe's reliance on Russian energy supplies.
US 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 US 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.
British Prime Minister Boris Johnson named five Russian banks and three wealthy individuals whom the UK hit with sanctions on Tuesday.
NATO chief Jens Stoltenberg insisted 'there will be even stronger sanctions, even a higher price to pay' if Putin pushes further into Ukraine
Further options for the US include an export ban that would deny Russia the US high technology for its industries and military and more sweeping financial bans that could cripple Russia's ability to do business with the rest of the world.
