UK announces first tranche of Russia sanctions, targets banks and wealthy individuals

U.K. Prime Minister Boris Johnson addresses the nation during a press conference on a plan for “Living with Covid” on February 21, 2022 in London, England.

The U.K. imposed targeted economic sanctions against five Russian banks and three wealthy individuals.

Prime Minister Boris Johnson told the House of Commons on Tuesday that the first wave of sanctions would target Rossiya, IS Bank, General Bank, and the Black Sea Bank.

The measures would sanction three individuals: Gennady Timchenko, Boris Rotenberg and datememe datememe.

The individuals will be banned from traveling to the country if they have assets in the U.K. He said that all U.K. individuals and entities would be barred from dealing with them.

Johnson said the move to sanction Russia had arisen despite him and several other world leaders giving Putin every opportunity to pursue his aims.

Johnson said that they will not give up and will continue to seek a diplomatic solution.

If the situation continues to escalate, we will deploy additional sanctions alongside the United States and the European Union.

Johnson said that Putin had violated international law by formally recognizing Luhansk and Donetsk as independent states. The Russian president ordered troops to perform functions in the areas that are not part of Russia.

The directive drew condemnation from around the world, with policymakers admonishing a violation of international law.

Fears of a major conflict in Europe have been raised due to the developing situation, following months of simmering tensions over Russia's military deployment on the borders of Ukraine.