New Delhi: Amid the ongoing conflict between Ukraine and Russia, the UK has slapped targeted economic sanctions against five Russian banks and three wealthy individuals.
While addressing the lawmakers in the House of Commons, Prime Minister Boris Johnson said the first tranche would target Rossiya bank, IS bank, General bank, Promsvyazbank and Black Sea bank.
The three “high net worth” individuals: Gennady Timchenko, Boris Rotenberg, and Igor Rotenberg will also be sanctioned and will be barred from visiting the country, said Johnson.
"The UK and our allies will begin to impose the sanctions on Russia that we have already prepared... to sanction Russian individuals and entities of strategic importance to the Kremlin," UK PM told MPs.
"This is the first tranche, the first barrage, of what we are prepared to do, and we hold further sanctions at readiness to be deployed, alongside the United States and the European Union," he added.
ALSO READ: Journalist Philip Crowther Reports On Russia-Ukraine Crisis In 6 Languages, Video Goes Viral
Meanwhile, European Union also proposed sanctions targeting Russian banks, access to markets, senior EU officials said on Tuesday.
Reacting to Russia's conventional acknowledgment of two breakaway regions in eastern Ukraine, the EU said it was responding“with robustness and speed to the illegal actions of Russia in close coordination with international partners.”
Russian President Vladimir Putin's declaration on Monday, trailed by his marking a pronouncement on the deployment of Russian soldiers to Donetsk and Luhansk, is "illicit and unacceptable," European Council President Charles Michel and European Commission President Ursula von der Leyen said in an articulation.