February 23, 2022

Toomey Statement on Biden Administration Sanctioning Nord Stream 2 Pipeline

Washington, D.C. – U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the Biden administration imposed sanctions on the Nord Stream 2 pipeline.

“I’m glad the Biden administration is finally following the law and imposing sanctions on the Nord Stream 2 pipeline, but this decision is too little too late. With Russian troops already invading Ukraine and preparing for a much larger assault, these sanctions are unlikely to have a deterrent effect.

“Only bold steps can deter Putin from further escalating this war, which is why it’s imperative that the U.S. imposes crippling sanctions on Russia’s financial sector to make them feel the impact of this invasion. Lives are in the balance, and the U.S. must act quickly.”

Ranking Member Toomey and Banking Committee Republicans have been calling on President Biden to sanction Nord Stream 2 AG since the administration first reversed longstanding U.S. policy on Nord Stream 2 and announced a deal with Germany to allow for the completion of the pipeline.