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Germany joined other European countries and the United States (US) on Tuesday in placing sanctions against Russia for recognizing the independence of two separatist regions in eastern Ukraine. Germany, accordingly, suspended the Nord Stream 2 pipeline, thus, cutting off the 10-billion-euro project that has long been annoying other EU members, including the US. Germany sustained the pipeline project to increase natural gas importation from Russia, in spite opposition from the US and Europe Union members. German Chancellor Olaf Scholz, on Tuesday, requested approval to halt the pipeline project after the Russian President Putin announced the recognition of the independence of the two separatist regions in Ukraine. The action was coming at a time Europe is facing serious energy crisis that increased gas prices. German Chancellor Olaf Scholz had declared: That sounds technical, but it is the necessary administrative step so there can be no certification of the pipeline and certification, without this, Nord Stream 2 cannot begin operating. The US commended the action of Germany as Ukrainian Foreign Minister Dmytro Kuleba declared it it a morally, politically and practically correct step in the current circumstances.

If Russia-Ukraine tensions continue to simmer, the price of natural gas, wheat and metals may rise in India too, thereby impacting the common man.

United States President Joe Biden has spoken for the first time since Russian President Vladimir Putin sent peacekeepers into separatist regions of Eastern Ukraine. America and European nations have imposed sanctions on Russia, but the nation and those in power are used to it, according to US Studies Centre CEO Simon Jackman. The difficult thing about sanctions at this stage of the game is that Putin and his cronies, the plutocracy that runs Russia, have had a long time to get used to life under sanctions, he told Sky News Australia. I think perhaps of more consequence economically to Russia might be by the announcement by Germany US urging of course to cancel the completion of the Nord 2 gas pipeline that was going to bring a ton of natural gas from Russia into the western European market.

Watch Video Germany announced Tuesday that it would suspend its certification of the newly built but never operated Russia-to-Germany Nord Stream 2 pipeline. A multibillion-dollar project of Russia''s Gazprom energy company and European companies, the pipeline would carry Russias natural gas to the lucrative markets of Europe. It''s been a top target of the Biden administration and Republican and Democratic lawmakers alike, who say the project was a strategic mistake from the start, increasing Putins political power over Europe by prolonging its dependence on Russias natural gas. Newsy''s Sasha Ingber talks about how pipeline sanctions will put pressure on Russia''s economy, and about how other new and upcoming sanctions are expected to play out. Additional reporting by The Associated Press.

For years, Germany has refused to endanger its energy trade with Russia when responding to Moscows worst excesses because it was reliant on Russian natural gas to keep its homes warm and factories running. In 2014, after Russias annexation of Crimea, Berlin ensured that its purchases of gas would not be disrupted by any sanctions against Russia.

Germany''s decision to halt a major gas pipeline from Russia is throwing an additional wrench into Europes existing energy crunch.The project, which is known as Nord Stream 2 and would ship natural gas from Russia to Germany, has been a point of

Oil prices hit a fresh seven-year high and Brent hit $99 a barrel early on Tuesday amid an escalation in the Russia-Ukraine crisis. The optimal oil price for the market is $55-$70 per barrel, Russian Energy Minister Nikolai Shulginov told Energy Intelligence on Tuesday. High oil prices are good for Russias budget and for its hard-to-recover oil resources and projects, on the one hand, but oil so high is also hitting other sectors of the economy and slows demand growth, on the other hand, the Russian minister said. Asked why Russia doesnt support more production from OPEC+ if Russia believes that $55-$70 is the optimal price, Shulginov told Energy Intelligence that the country is increasing production within the agreed volumes. Russia looks to increase production and exploration in the coming years, the minister added. Referring to Moscows plans about the Arctic Shelf, Shulginov told Energy Intelligence, Although these are costly reserves, we still believe that Arctic resources can be utilized in future.

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The tensions between Russia and Ukraine are flaring up after Russian President Vladimir Putin recognized the independence of two separatist regions in eastern Ukraine and positioned Russian troops in these regions. Following the development, Western nations are contemplating sanctions. Germany announced earlier on Tuesday that it has stopped certification of the Nord Stream 2 gas pipeline, which serves as a conduit for moving natural gas from Russia to Germany through the Baltic Sea. Ukraine is planning to sever ties with Russia. Given the globalization that has occurred over the years, the geopolitical tension in eastern Europe is bound to have ramifications for multinational global corporations. How Big Is Ukraine''s Impact? Out of the S&P 500 companies that have reported earnings between Dec. 15 and Feb. Full story available on Benzinga.com

One of the worlds largest liquefied natural gas exporters, Qatar, can divert only 10-15 percent of its LNG cargo contracts to other destinations, Qatari Energy Minister Saad al-Kaabi said on Tuesday amid the escalation of the Russia-Ukraine crisis, adding that replacing Russian gas deliveries to Europe in the short term is almost impossible. The energy markets reacted on Tuesday after Russian President Vladimir Putin recognized two breakaway regions in eastern Ukraine and ordered troops in them, with oil prices soaring close

The weather is expected to remain cooler than normal

Russia''s move into Ukraine has the potential to affect not just oil and natural gas but several commodities, including palladium, nickel and wheat --- most

German officials said Tuesday that they would block the Nord Stream 2 pipeline, an enormous project that would double the flow of Russian natural gas into the country. The announcement comes in response to the ongoing conflict between Russia and Ukraine. Read more

World Oil (Bloomberg) Energy prices surged after Russian President Vladimir Putin signed an order to send what he called peacekeeping forces to the two breakaway areas of Ukraine that he officially recognized on Monday. European natural gas led the The post Energy prices surge on Ukraine crisis with oil closing in on $100 appeared first on Oil & Gas 360 .

Russian lawmakers gave President Vladimir Putin permission to use military force outside the country on Tuesday, a move that could presage a broader attack on Ukraine, after several European leaders said troops had already moved into rebel-held areas. The US said an invasion was already underway there. Members of the Russian upper house, the Federation Council, voted unanimously to allow Putin to use military force outside Russia, effectively formalising a Russian military deployment to the rebel regions, where an eight-year conflict has killed nearly 14,000 people. Several European leaders said earlier in the day that Russian troops have moved into rebel-held areas in eastern Ukraine after Putin recognised their independence. But it was unclear how large the movements were. Putin had ordered the deployment of troops to two breakaway regions in eastern Ukraine after recognising them as independent on Monday. A Reuters witness saw tanks and other military hardware moving through the separatist-controlled city of Donetsk after Putin formally recognised the breakaway regions and ordered the deployment of Russian forces to "keep the peace".