Germany is going to "reassess" the certification of the Nord Stream 2 pipeline in response to Russia's actions toward Ukraine, Chancellor Olaf Scholz said Tuesday.

The 764-mile pipeline that would carry natural gas from Russia to Germany has not begun operating. Nord Stream 2 is owned and operated by a wholly owned subsidiary of Russia state company Gazprom.

The world was facing up to a new phase in the Ukraine crisis on Tuesday, with Kyiv bracing for a potential conflict with Russia and the West moving to impose sanctions on Moscow.

Russian President Vladimir Putin ordered troops into two breakaway regions in eastern Ukraine after recognizing their independence Monday, threatening a major escalation following months of military buildup and warnings from the West that the Kremlin was trying to create a pretext to invade its neighbor. 

Germany froze a new gas pipeline and Britain hit Russian banks with sanctions on Tuesday, as the West responded to Moscow's recognition of two separatist regions in Ukraine and a speech by President Vladimir Putin suggesting more belligerent aims.

Russia's parliament approved treaties with the two breakaway regions in Ukraine's east, a day after Putin announced he was recognising the independence of enclaves controlled by Russian-backed fighters since 2014.

Deputy Treasury Secretary Wally Adeyemo said on Sunday that the Biden administration will punish Russian elites with sanctions if Russian President Vladimir Putin invades Ukraine. 

During an appearance on CBS’s “Face The Nation,” Adeyemo told host ​​Margaret Brennan that the sanctions would cut off elites from the markets they care about most. 

Joe Biden, you may recall, spent a lot of his time as vice president meddling in the internal affairs of Ukraine. And you may wonder, why Ukraine as opposed to say, Denmark or Senegal or any of the world's other 195 countries. Simple. Because the Ukrainians were paying Joe Biden's family a million dollars a year in exchange for the work that he did. And as president, you may have noticed, Biden has continued to represent Ukrainian interests. Most recently in their dispute with Russia. 

The United States has threatened to sanction Russia if it invades Ukraine.

But, what, exactly those sanctions might look like — and how punishing they might be — will depend not just on what Russia does, but on the costs the United States and its allies, especially in Europe, are prepared to withstand.

President Biden insisted Monday that the Nord Stream 2 pipeline from Russia to Germany would be brought to an end if the Kremlin chose to launch a renewed military invasion of Ukraine.

“If Russia invades, that means tanks or troops crossing the border of Ukraine again, then there will be no longer a Nord Stream 2. We will bring an end to it,” Biden said at a joint press conference with German Chancellor Olaf Scholz. “I promise you we will be able to do that.”

French President Emmanuel Macron told a French newspaper on Sunday that he hopes for a “historic solution” to the Ukraine–Russia crisis as he heads to Moscow for talks with Russian President Vladimir Putin, but a Kremlin spokesperson sought to temper expectations, saying no big breakthrough is expected.

As the standoff between Russia and the West enters a potentially decisive phase, President Joe Biden meets Monday at the White House with Germany's new chancellor, whose willingness to confront Moscow alongside the United States has been called into question.

Olaf Scholz took office in December, succeeding a towering figure in global politics -- Angela Merkel -- whose absence during the current crisis is being felt on both sides of the Atlantic.

International efforts to defuse the standoff over Ukraine intensified Monday, with French President Emmanuel Macron holding talks in Moscow and German Chancellor Olaf Scholz in Washington to coordinate policies as fears of a Russian invasion mounted.

The buildup of an estimated 100,000 Russian troops near Ukraine has fueled Western worries of a possible offensive. White House national security adviser Jake Sullivan warned Sunday that Russia could invade Ukraine “any day,” triggering a conflict that would come at an “enormous human cost.”