UK slaps sanctions on Russian banks and individuals

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Britain on Tuesday slapped sanctions on five Russian banks and three billionaires, in what Prime Minister Boris Johnson called “the first barrage” of measures in response to the Kremlin’s actions in Ukraine.

Addressing the UK parliament hours after Russia ordered troops into two Moscow-backed Ukrainian rebel regions, Johnson described it as “a renewed invasion” of its western neighbour and “pretext for a full-scale offensive”.

“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,” he told MPs, AFP reports.

The British leader said further sanctions were “at readiness to be deployed” if the Kremlin showed further aggression in what he predicted would be “a protracted crisis”.

The five banks targeted — Rossiya, IS Bank, General Bank, Promsvyazbank and the Black Sea Bank — and three people sanctioned will see any UK assets frozen

The individuals concerned — Gennady Timchenko, Boris Rotenberg and Igor Rotenberg — will be banned from travelling to Britain and all UK individuals and entities will be banned from dealing with them and the banks.

“We cannot tell what will happen in the days ahead,” Johnson added in the House of Commons, amid cross-party condemnation of Moscow’s actions.

“But… we should steel ourselves for a protracted crisis.”