Vladimir Putin|World Economic Forum|CC BY-NC-SA 2.0
A host of Western countries have begun to impose sanctions in response to Russia’s advance of troops into Ukraine. President Joe Biden on Tuesday stated that sanctions have been imposed against two large Russian financial institutions, following Russia's military escalation. The European Union, United Kingdom, and Australia soon followed suit, inflicting sanctions against banks and high-profile individuals in Russia.
Germany, on the other hand, cut ties with the country on the Baltic Sea Nord Stream 2 pipeline project. The unexpected move and ambiguity surrounding the Russia-Ukraine crisis led to a drastic rise in oil prices on Tuesday, the highest since 2014.
