The United Kingdom (UK) has announced sanctions on as many as five Russian banks and three high-net worth individuals. 

“This is the first tranche, the first barrage of what we are prepared to do,” UK Prime Minister Boris Johnson told the British Parliament on Tuesday. 

“Any assets they hold in the UK will be frozen and the individuals concerned will be banned from travelling here,” PM Johnson said while speaking about the sanctioned individuals. 

The sanctioned banks are Rossiya, IS Bank, General Bank, Promsvyazbank and the Black Sea Bank, PM Johnson said. 

Also read: UNSC emergency meeting: As Russian troops enter Ukraine, India appeals for restraint

Reiterating his earlier remarks that Russia is planning a full-scale invasion of Ukraine, UK PM Boris Johnson said that all must prepare “for the next possible stages of Putin’s plan”. 

“Putin is establishing the pretext for a full-scale offensive,” UK PM Boris Johnson said. 

Meanwhile, Germany has halted approval of the Nord Stream 2 gas pipeline on Tuesday, the first in a volley of western sanctions against Russia. 

“The situation today has fundamentally changed… that’s why we must re-evaluate this situation, in view of the latest developments,” said Olaf Scholz, Chancellor of Germany. 

 Also read: ‘World War’ threat: Russia orders troops to enter into eastern Ukraine

The United States is coordinating with allies and will announce new sanctions against Russia on Tuesday. 

The sanctions on Russia follows Moscow’s announcement recognising independence of two separatist regions of Ukraine – Donetsk and Lugansk. 

Moreover, early on Tuesday, Russian President Vladimir Putin ordered Russian troops to enter into these regions for “peacekeeping mission”. 

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