Germany, Britain, US impose sanctions on Russia
Berlin (Germany) – Russia has signed an agreement with two Ukrainian Provinces after recognising them as ‘independent countries’. As a result, Russia will now deploy troops there. Russia claims that it is taking steps to restore peace there; however, the United States and some European countries have accused Russia of pursuing war under the pretext of peace. European countries have also begun imposing sanctions on Russia. Germany announced wrapping up of the Nord Stream 2 gas pipeline project. US President Joe Biden condemned Russia and issued an executive order banning investment, trade, and other economic activities in those Provinces.
The White House did not slap any immediate sanctions on Russia. A senior U.S. administration official speaking on background said the White House would study Russia’s troops movements before making such a decision.https://t.co/X0N2vZEhvV
— Radio Free Europe/Radio Liberty (@RFERL) February 22, 2022
Britain bans 5 Russian banks and 3 industrialists !
Britain has banned five Russian banks and three industrialists. The announcement was made by British Prime Minister Boris Johnson. Apart from confiscating their assets in Britain, these businessmen have also been barred from entering Britain.
Fuel prices in India are likely to rise after the elections
International crude oil prices have risen to around $100 a barrel in the wake of the potential war between Russia and Ukraine. Petrol and diesel prices are believed to remain stable in India as five States go to the polls. As soon as the elections are over, i.e., on 10th March, the fuel prices are likely to rise sharply in the country.
What is the Nord Stream 2 gas pipeline project ?
Nord Stream 2 is a 1,200 km long gas pipeline. It runs from western Russia to Germany via the Baltic Sea. Russia supplies natural gas to Germany. Russia had planned to double its gas supply through this project. The project, which is valued at ₹83,000 crore, was completed in September 2021; however, the gas pipeline was not inaugurated due to some pending approvals by the German energy regulator. Russia, as well as Germany, will be hit hard by the cancellation of the gas pipeline project. The possibility of Russia cutting off natural gas supplies to other European countries after Germany imposed a ban on the pipeline could not be ruled out. As a result, the European countries are likely to face a gas crisis.