The UK and the US government have imposed the ‘first tranche’ of sanctions on several Russian Banks after Russia recognised the independence of Donetsk and Luhansk in eastern Ukraine.

Prime Minister Boris Johnson told the House of Commons that the UK is sanctioning Rossiya, IS Bank, General Bank, Promsvyazbank and the Black Sea Bank.

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The government has also imposed sanctions on three ultra-rich individuals – Gennady Timchenko, Boris Rotenberg, and Igor Rotenberg.

These sanctions will freeze any assets held by them in the UK, ban individuals from travelling to the country and bar all UK entities and individuals from dealing with them.

“This is the first tranche, the first barrage, of what we are prepared to do: we will hold further sanctions at readiness, to be deployed alongside the United States and the European Union if the situation escalates still further,” he added.

US President Joe Biden also announced the first tranche of sanctions against Russia, which will target VEB bank and Russia’s military bank – Promsvyazbank.

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The US sanctions were also imposed on Russian sovereign debt, which is expected to block the Russian government from receiving Western financing along with Russia’s elites and their family members.

Russian lender Sberbank and VTB Bank would also face US sanctions if Russia proceeds to invade Ukraine, Reuters reported citing sources.

The European Union has also decided to impose new sanctions on Russia that “target banks that finance the Russian military apparatus and contribute to the destabilisation of Ukraine.”