Ukraine Crisis: UK Announces Sanctions On 5 Russian Banks, 3 Businessmen

The sanctions received the backing of cross-party support in Parliament, with many MPs calling for further action against Putin. Downing Street said the UK's new sanctions against Russia were part of a "coordinated" approach to the Ukraine crisis together with the US and EU.

New Delhi: The UK government on Tuesday imposed tough sanctions against five Russian banks and three super-rich individuals from the country over President Vladimir Putin’s aggressive action on the Ukraine border. British Prime Minister Boris Johnson told the House of Commons that this is the “first tranche” of measures in response to Russian troops moving into two separatist regions of Ukraine.

Johnson told lawmakers that sanctions would hit Rossiya Bank, IS Bank, General Bank, Promsvyazbank, and the Black Sea Bank. He said three Russian oligarchs with interests in energy and infrastructure — Gennady Timchenko, Boris Rotenberg, and Igor Rotenberg — will have their assets frozen and be banned from traveling to the UK. All three have been sanctioned by the United States as well.

Johnson accused Russian President Vladimir Putin of “establishing the pretext for a full-scale offensive” against Ukraine and said “further powerful sanctions” would follow if that happened.

“This the first tranche, the first barrage of what we are prepared to do and we hold further sanctions at readiness to be deployed,” Johnson told British lawmakers.

He also said that Russian tanks and armored personnel carriers have been spotted in the separatist Ukrainian regions recognized as independent by Russian President Vladimir Putin. He said that amounts to “a renewed invasion” of Ukraine.

The UK action follows the recognition of breakaway areas of eastern Ukraine, Donetsk and Luhansk, as independent states by Russia, with troops moving in under the garb of peacekeeping duties and Russian tanks and armoured personnel seen rolling in. Johnson categorised this as a flagrant violation of the Minsk peace agreements, which amounts to a renewed invasion of that country.

The sanctions received the backing of cross-party support in Parliament, with many MPs calling for further action against Putin. Downing Street said the UK’s new sanctions against Russia were part of a “coordinated” approach to the Ukraine crisis together with the US and EU.

Amid an intense spike in shelling in eastern Ukraine by opposing sides, the concentration of Russian troops reportedly continues to increase at the country’s borders.

(With inputs from agencies)