President Biden coordinates with Germany to stop Nord Stream 2 pipeline; OFAC issues designations and General License 4

On February 23, 2022, President Biden released a statement regarding his meeting with Chancellor Scholz of Germany to coordinate efforts to stop the Nord Stream 2 pipeline if Russia invades Ukraine, and, as the result of consultations between the two governments, Germany announced that it would halt certification of the pipeline.  President Biden also announced that he directed his administration to impose sanctions on Nord Stream 2 AG and its corporate officers.

On the same day, the Department of the Treasury’s Office of Foreign Assets Control designated Nord Stream 2 AG and its managing director Matthias Warnig.  OFAC also issued Russia-related General License 4, “Authorizing the Wind Down on Transaction Involving Nord Stream 2 AG.”  GL 4 was issued pursuant to Executive Order 14039 to authorize wind down transactions involving Nord Stream 2 AG until March 2, 2022.  The authorization also applies to any entity in which Nord Stream 2 AG owns a fifty percent or greater interest.

White House Statement | Department of Treasury Recent Actions | General License 4