Germany announced Tuesday that it would suspend its certification of the newly built but never operated Russia-to-Germany Nord Stream 2 pipeline. A multibillion-dollar project of Russia’s Gazprom energy company and European companies, the pipeline would carry Russia’s natural gas to the lucrative markets of Europe.

President Joe Biden on Tuesday rolled out the first of what the U.S. says could be an ever-fiercer, ever-broader cascade of financial sanctions and penalties over Russia’s moves against Ukraine, AP reports.

Tuesday’s first installment of sanctions hit members of Putin’s inner circle and their families and two banks that the U.S. considers especially crucial to the Kremlin and Russia’s military. Another new U.S. measure limits Russia’s power to raise money abroad.

U.S. officials made clear they were holding in possible reserve more devastating measures, in case Russia escalates actions threatening Ukraine’s territory and sovereignty. The Biden administration says those more sweeping penalties would cripple Russia’s ability to do business at home and abroad, and likely bring on a recession there.

Here’s a look at some of the tougher possible penalties that U.S. leaders are holding in abeyance — while watching for new Russian steps against Ukraine. The U.S. has yet to fully disclose which of the options it will use.

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