President Biden announced new round of sanctions against Russia during his remarks from the White House on the Ukraine crisis and the latest actions announced by Russian President Vladimir Putin.
Biden said that the Nord Stream 2 gas pipeline will "not move forward" as a part of the latest sanctions from the US and its' allies.
"Because of Russia's actions we've worked with Germany to ensure that Nord Stream 2 will not, as I promised, will not move forward. As Russia contemplates its next move we have our next move prepared as well. Russia will pay a steeper price if it continues its aggression, including additional sanctions," Biden said.
The 750-mile pipeline was completed in September but has not yet received final certification from German regulators. When up and running, it would boost deliveries of gas directly from Russia to Germany.
On Tuesday, Germany said it was halting certification of the Nord Stream 2 gas pipeline following Moscow's actions in eastern Ukraine on Monday.
The United States, the United Kingdom, Ukraine and several EU countries have opposed the pipeline since it was announced in 2015, warning the project would increase Moscow's influence in Europe.
Nord Stream 2 could deliver 55 billion cubic meters of gas per year. That's more than 50% of Germany's annual consumption and could be worth as much as $15 billion to Gazprom, the Russian state owned company that controls the pipeline.