Along with five Russian banks, Britain has imposed sanctions on three billionaire allies of Vladimir Putin.
Earlier today, Boris Johnson made the announcement, calling the move the “first barrage” of punitive measures in response to the “renewed invasion” of Ukraine.
Mr Johnson told the Commons that immediate sanctions are being deployed against three “very high net wealth individuals”, Gennady Timchenko, Boris Rotenberg and Igor Rotenberg, who he described as “cronies” of the Russian president.
What are the sanctions against Russian billionaires?
The sanctions, which include UK asset freezes, a travel ban and prohibition on British individuals and businesses dealing with them, were also tabled against Russian banks Rossiya, IS Bank, General Bank, Promsvyazbank and the Black Sea Bank.
“This the first tranche, the first barrage, of what we are prepared to do, and we hold further sanctions at readiness to be deployed,” Mr Johnson told MPs, before warning it is “inevitable” he will return with a “much bigger package”.
Who is Gennady Timchenko?
Ranked 96th on the Bloomberg Billionaires Index, Gennady Timchenko has an estimated fortune of US$19.5 Billion.
Along with being a citizen of Russia, where he is the 6th richest person, he also holds citizenship in Finland and Armenia.
The 69-year-old founded his own investment group, Volga Group, specialising in energy, transport and infrastructure and is Chairman of the Board of Directors of the Kontinental Hockey League and President of the SKA Saint Petersburg ice hockey club.
He is also a major stakeholder in one of the sanction banks - the Rossiya Bank.
Who is Boris Rotenberg?
Close confidant and childhood friend of Russian President Vladimir Putin, Boris Rotenberg was named Russia’s 69th wealthiest person by Forbes in 2016.
The 65-year-old is the co-owner of Russia’s largest construction company for gas pipelines and electrical power supply lines, StroyGazMontazh (SGM), and has a net worth of more than $1 billion.
Who is Igor Rotenberg?
The other co-owner of SGM, Igor Rotenberg is Boris Rotenberg’s nephew.
The 47-year-old is the majority shareholder in Gazprom Drilling and is also thought to be worth in excess of $1 billion.
Foreign Secretary Liz Truss said the UK will go further on sanctions against Russia if it “does not pull back from the brink” in Ukraine.
In a statement, she said: “This first wave of sanctions will hit oligarchs and banks close to the Kremlin. It sends a clear message that the UK will use our economic heft to inflict pain on Russia and degrade their strategic interests
“And we are prepared to go much further if Russia does not pull back from the brink. We will curtail the ability of the Russian state and Russian companies to raise funds in our markets, prohibit a range of high tech exports, and further isolate Russian banks from the global economy.
“These will be surgically targeted sanctions that will hit Russia hard.”
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here