The United Kingdom (UK) says it is sanctioning five Russian banks and three wealthy individuals.
The development is coming after Moscow ordered troops into two breakaway regions in eastern Ukraine.
Addressing parliament on Tuesday, Boris Johnson, UK prime minister, said the sanction was the “first tranche” and “first barrage” of measures in response to Russian troops moving into two separatist regions of Ukraine.
“Today, the UK is sanctioning the following five Russian banks: Rossiya, IS Bank, General Bank, Promsvyazbank and the Black Sea Bank, and we’re sanctioning three very high net worth individuals,” Johnson told parliament.
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The “high net worth” individuals are Gennady Timchenko, Boris Rotenberg and Igor Rotenberg.
He said their assets in the UK will be frozen, and the individuals will be banned from coming to the UK.
Johnson said the move to sanction Russia had arisen despite himself and several other world leaders allowing Putin to pursue his aims via diplomacy.
“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 has been heeded and that Putin is implacably determined to go further in subjugating and tormenting Ukraine,” Johnson added.
“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 Russia and Putin had now “plainly” violated Ukrainian sovereignty and “completely torn up international law”.
The European Union and the United States have also vowed to impose significant sanctions against those involved in the invasion.