sanctioned two big banks and began cutting off rush that from western finance. this is just the beginning. germany halted certification of the nord stream 2 gas pipeline that would connect germany with russia. the eu depends on russia for a third of its natural gas. a crisis in europe has implications for everyone, john. it s a global market for energy. any supply disruption from fighting or sanctions could raise prices further. brent crude 96 bucks a barrel. incident was near $100 a barrel. gas prices above $3.50 on average. expect $4 by summer. president biden pledged to use every tool to blunt gas prices but acknowledged they are coming. it s not just energy. food costs could also rise. russia is the world s largest supplier of wheat. ukraine is called the bread basket. together they make up a quarter of global exports.
make sure we have partners in this program of punishment and sanctions and the nord stream 2 gas pipeline which was just canceled by the germans. we have verified that cancellation. it was a huge win. germany did not want to do that. that s a major loss for russia. there is a sanctions are meant to deter. there was diplomacy underway. constant engagement with russia and at the end of the day vladimir putin just seems to be hell-bent on what he s doing right now. we are going to see sanctions go into heart effect and it s going to be a longer-term program. for that we need our allies and i think we have them throughout this whole process. i want to go back to the nord stream 2 pipeline for a second. there s a couple things, it s already built. we know that. waiting for the spigots to be turned on. not operational. trace: that wasn t going to happen until later this year.
possible for the kremlin to pursue its aggressive actions. if russia continues to escalate this crisis that it has created, we are ready to take further action in response. the standout decision today came in berlin. the german chancellor for weeks has refused to discuss by name the nord stream 2 gas pipeline, but today, he took the decision to suspend the project and its certification. it has been ready to pump gas to europe since september, but it will not go ahead. in london, the british government announced sanction on five russian banks, three russian oligarchs and those members of the duma who today voted to back putin s actions. after some stormy session in the house of commons of late, total unanimity today. although there are some calling for borisjohnson to go the whole hog now on sanctions, in order to send the strongest message to president putin. this is the first tranche, the first
full-scale invasion, that is what the president spoke about and warned about yesterday. the president now announcing new sanctions on the company that builds that nord stream 2 gas pipeline and the ceo. those come amid reports of new cyberattacks targeting ukraine bank and government websites. they are declaring a 30 day state of emergency and shelling intensified in the eastern region. rich engle is on the ground and local troops came up and were under what was suspected to be an artillery attack. this village has been hit hard over the last four or five days and about half of the people have moved out already.
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