U.K. has decided to impose economic sanctions on Russia targeting five Russian banks and three high -profile individuals following President Vladimir Putin’s decision to send troops to eastern Ukraine.
Speaking to lawmakers on Tuesday in the House of Representatives, Prime Minister Boris Johnson said the first sanctions would target Rossiya, IS Bank, General Bank, Promsvyazbank and Black Sea Bank.
Sanctions will also be imposed on the three individuals with the highest net worth, namely Gennady Timchenko, Boris Rotenberg and Igor Rotenberg. Johnson added that steps to impose sanctions had to be taken after the opportunities provided by most of the country’s leaders were ignored. At the same time it is also an attempt to find a solution.
Johnson said, “We will not give up and will continue to seek a diplomatic solution until the last remnant. But unfortunately it did not respond to Putin as we expected ".
Thus, imposing sanctions will be the first step and if it does not work then joint sanctions of the United States and the European Union are likely to be taken.
At the same time Johnson also slammed the actions of Russian President Putin by considering his actions as an act that officially violates international law by recognizing Luhansk and Donetsk as independent states.
This geopolitical conflict is seen to be increasingly worrying lately. Risky markets have been affected following the tensions.
