They're hitting Russian banks and oligarchs.

U.S., U.K. impose sanctions against Russian over Ukraine	

International

Yesterday. Vladimir Putin recognised two regions of Ukraine as independent states and he bizarrely asserted that these regions are no longer part of Ukraine and their sovereign territory. To put it simply, Russia just announced that it is carving out a big chunk of Ukraine. Last night, Putin authorized Russian forces to deploy into the region of these regions Today. He asserted that these regions are actually extend deeper than the two areas he recognized, claiming large areas currently under the jurisdiction of the Ukraine government. Russia has now undeniably moved against Ukraine by declaring these independent states. So today, I'm announcing the first tranche of sanctions to impose costs on Russia in response to their actions yesterday. These have been closely coordinated with our allies and partners and will continue to escalate sanctions. If Russia escalates, we're implementing full blocking sanctions On two large Russian financial institutions ve b and their Military bank. We're implementing comprehensive sanctions on Russians sovereign debt. That means we've cut off Russia's government from Western finances. It can no longer raise money from the west and cannot trade in its new debt on our markets or european markets. Either starting tomorrow and continuing in the days ahead, will also impose sanctions on Russians, elites and their family members. They share in the corrupt gains of the Kremlin policies and should share in the pain as well Because of Russians actions. We've worked with Germany to ensure Nord Stream two will not, as I promised, will not move forward. Now, the UK and our allies will begin begin to impose the sanctions on Russia that we have already prepared using the new and unprecedented powers granted by this house to sanction Russian individuals and entities of strategic importance to the Kremlin Today. The UK is sanctioning the following five Russian banks. Rosita I. S. Bank, General General Bank promptly as Bank and the Black Sea Bank. And we are sanctioning three very high net worth individuals Gennady, Timchenko, Boris Rotenberg and Eagle Rottenberg. Any assets they hold in the U. K. Will be frozen. The individuals concerned will be banned from traveling here and we will prohibit all UK individuals and entities from having any dealings with that. This is the first trump 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 as Russia contemplates his next move, we have our next move prepared as well. Russia will pay an even steeper price if it continues its aggression including additional sanctions, the United States will continue to provide defensive assistance to Ukraine in the meantime and we'll continue to reinforce and reassure our NATO allies today. In response to Russian's admission that it will not withdraw its forces from Belarus. I have authorized additional movements of U. S. Forces and equipment already stationed in europe. To strengthen our Baltic allies, Estonia Latvia and Lithuania. Let me be clear these are totally defensive moves on our part. We have no intention of fighting Russia. We want to send an unmistakable message, though, that the United States, together with our allies, will defend every inch of NATO territory and abide by the commitments we made into NATO.