There are fears that cost of energy could dramatically increase after the U.S, EU and UK announced new sanctions against Russia on Tuesday following the Kremlin’s recognition of the self-proclaimed Donetsk and Lugansk Peoples Republics.
The measures against Moscow included the German government halting NordStream 2 gas pipeline project which was designed to import supply gas from Russia to Germany and on to other Western European countries.
Also on Tuesday night, U.S President Joe Biden announced severe sanctions on Russia and its “elite” in response to what he termed “the beginning of an invasion” of Ukraine.
Biden went on to say said he is also working to cutting “off Russia’s government from Western financing.”
Russia’s President has in the meantime dismissed sanctions, saying that the West would find a reason to sanction his country regardless of their actions.
President Putin has also vowed to protected the newly recognized breakaway Republics and has moved a peace keeping force into the Donbass region.
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