UK targets wealthy Russians, banks in new round of sanctions

The United Kingdom on Tuesday announced its first round of sanctions against wealthy Russians and Russian banks.

Prime Minister Boris Johnson told Parliament that the sanctions target Rossiya, IS Bank, General Bank, Promsvyazbank and the Black Sea Bank, along with wealthy individuals Gennady Timchenko, Boris Rotenberg and Igor Rotenberg, CNBC reported.

The individuals will have their bank accounts in the U.K. frozen and will not be allowed to travel to the country.

The announcement comes after Russia recognized two Moscow-backed separatist regions in Ukraine and multiple reports have said that Russian troops have moved into the regions.

"This the first tranche, the first barrage of what we are prepared to do and we hold further sanctions at readiness to be deployed alongside the United States and the European Union if the situation escalates still further," Johnson said.

British Health Secretary Sajid Javid told Sky News "the invasion of Ukraine has begun."

Johnson said the U.K. will continue to try to solve the conflict diplomatically as himself and other Western countries have done in the past weeks, according to CNBC.

"We will not give up," Johnson said. "We will continue to seek a diplomatic solution until the last possible moment but we have to face the possibility that none of our messages have been heeded and that Putin is implacably determined to go further in subjugating and tormenting Ukraine."

Johnson and officials around the world condemned Russia's recognition of independence for the Ukraine regions, saying it violates international law. Russia says the resolution and the consideration to deploy troops is underway in order to keep peace in the region.