Western countries are announcing sanctions in response to Russian President Vladimir Putin’s decision to recognize the independence of two separatist “republics” in eastern Ukraine and send in Russian troops on a “peacekeeping” mission.
The latest: The U.K. is imposing sanctions on five Russian banks — Rossiya, IS Bank, General Bank, Promsvyazbank and the Black Sea Bank, Prime Minister Boris Johnson announced Tuesday.
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The U.K. will also sanction three “very high net worth individuals” — Gennady Timchenko, Boris Rotenberg and Igor Rotenberg — freezing their assets in the U.K. and banning them from entering the country.
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Referring to Russia’s actions as a “renewed invasion,” Johnson warned in the U.K.’s House of Commons Monday: “[B]y denying Ukraine’s legitimacy as a state – and presenting its very existence as a mortal threat to Russia – Putin is establishing the pretext for a full-scale offensive.”
What’s happening: German Chancellor Olaf Scholz announced Monday that the certification process for the Nord Stream 2 pipeline will be halted, saying that “the situation has fundamentally changed.”
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It’s a stunning turn of events for the $10 billion, Russia-to-Germany natural gas pipeline, which Scholz had long resisted naming as a potential sanctions target if Russia invaded Ukraine.
The European Union’s foreign ministers will meet Tuesday to discuss proposals to sanction the 351 Russian Duma members who voted to recognize the separatist “republics,” as well as banks that do business with the territories and other Russian officials involved in the decision.
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The EU, which will need unanimity among its 27 member states, will also discuss targeting the “ability of the Russian state and government to access the EU’s capital and financial markets and services.”
The U.S. quickly imposed sanctions on Monday on the separatist republics, which were largely viewed as symbolic given that few Americans conduct business or own property in the Russian-occupied territories.
Between the lines: Putin’s decision to move troops into eastern Ukraine, where they have already operated covertly for the last eight years, has raised questions about whether the Western allies would impose the full set of “massive” sanctions they had prepared in response to a large-scale invasion.
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A senior U.S. official hesitated on Monday night to characterize Putin’s actions as a “new step,” but several of Biden’s Democratic allies in Congress have called on him to move swiftly to treat Russia’s actions as an invasion.
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Deputy national security adviser Jon Finer later said on CNN Tuesday that this is “the beginning of an invasion.” When pressed for more clarity, Finer responded: “An invasion is an invasion, and that is what is under way.”
Go deeper: What to watch for as Russia orders troops into eastern Ukraine
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