Financial Sanctions and Economic Coercion

Russia gas pipeline sanctions legislation (PEES Act): A way ahead

By Daniel Fried

Enacting the sanctions mandated by the Protecting Europe’s Energy Security Act (PEES Act), for all its careful crafting, may not actually block Nord Stream II but may instead burden the US-German relationship. Rather than impose sanctions, the administration should waive them for now but prepare even stronger contingency sanctions to be implemented should the Kremlin once again use gas exports as political leverage against Ukraine, Central Europe, or the Baltics.