The European Union and the United Kingdom imposed sanctions on Russia on Tuesday.
Russian billionaire Gennady Timchenko faced new sanctions on Tuesday.
The European Commission said Tuesday that it will hinder Russia's ability to access the E.U. capital and financial services.
Three Russian billionaires and five Russian banks will be subject to an asset freeze as a result of the U.K.'s sanctions.
The U.K. Prime Minister referred to this package as the first volley of the U.K.'s sanctions, as he and other Western leaders said they would wait for Putin.
The White House said that the United States will unveil its own sanctions against Russia. This will be separate from the sanctions the U.S. announced Monday barring Americans from doing business in the Ukrainian rebel states.
On Monday, Putin officially recognized the pro-Russia Ukrainian rebel states of Donetsk and Luhansk. The people of Luhansk and the people of Donetsk declared independence from Ukraine in the summer of 2014). Putin's recognition of the two states is in violation of international law. As part of his recognition, Putin ordered Russian troops into Eastern Ukraine to maintain peace, a move that many see as a pretext for a full Russian invasion of Ukraine.
The CEO of the London-based investment firm Hermitage Capital questioned why the U.K. didn't penalize Russia.
The Chancellor of Germany hit Russia with perhaps the country's most consequential financial penalty yet Tuesday, saying he will work to stop the $11 billion Nord Stream 2 natural gas line connecting Russia to Germany.
Putin ordered troops into two eastern Ukraine states.
Putin orders Russian troops to enter eastern Ukraine.
The approval of a $11 billion project with Russia has been stopped by Germany.
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