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U.K. announces new sanctions on Russian banks and high net-worth individuals

© Vardan Papikyan

LONDON (WNI) — Addressing the House of Commons today, British Prime Minister Boris Johnson formally announced a first wave of sanctions against Russia for its actions in eastern Ukraine.

Russia officially recognised the breakaway regions of Luhansk and Donetsk as independent states, with eye witness reports revealing troops and tanks moving into the region overnight.

After weeks of diplomacy, it seemed that there was a chance at rolling back tensions as Putin and Macron held an 11th hour call on Sunday to defuse tensions. However, Russia proceeded with its plans to move troops into eastern Ukraine which Western powers have condemned as a breach of international law.

However, today it appeared unclear whether Russia was moving towards a full invasion having massed an estimated 160,000 to 190,000 troops around Ukraine’s borders according to U.S. assessments.

Ukraine’s President, Volodymyr Zelenskyy in a televised addressed on Tuesday said that his country was still committed to diplomacy despite Russia’s moves.

The UK’s package of sanctions were confirmed after a cabinet meeting earlier today with the Prime Minister placing financial sanctions on individuals including the freezing of U.K. assets and travel bans. The full sanction list was revealed today by the British government and follows Germany’s announcement that the Nord Stream 2 pipeline would be suspended.

With Western powers aiming to show unity in the face of Russia’s recent actions, the coming days may see further sanctions and measures being put into place, including from the U.S. and EU.