Acting in response to Russian troops being sent into two eastern Ukrainian territories, Prime Minister Boris Johnson has announced sanctions targeting Russia's wealth.
Speaking at the House of Commons today (22 February), the Prime Minister said that Russia had “flagrantly violated” peace agreements.
The Government is targeting Rossiya, IS Bank, General Bank, Promsvyazbank and the Black Sea Bank.
While, Gennady Timchenko, Boris Rotenberg, and Igor Rotenberg are the three individuals who's UK assets will be frozen by the Government.
Mr Johnson also stated this was just the "first barrage" of sanctions the UK would make in attempts to prevent a full scale war breaking out.
Mr Butler said: “I strongly welcome the Government’s fast action in announcing sanctions targeting Russian economic interests.
"President Putin’s recognition of the ‘Donetsk People’s Republic’ and ‘Luhansk People’s Republic’ as independent states and then ordering troops into eastern Ukraine proves what western countries have been saying for weeks - he is itching to invade an independent, sovereign country.
"He has shown complete disregard for the UN Charter and Russia’s commitments under the Minsk agreements and made a blatant attack on Ukraine's right to self-determination.”
The Prime Minister was equally forthright in his condemnation of Russia's actions, saying: “The House should be in no doubt that the deployment of these forces in sovereign Ukrainian territory amounts to a renewed invasion of that country.
“And by 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.”
The EU and US have also imposed sanctions on Russia in the wake of the deployment of Russian troops in Donetsk and Luhansk.
While The Times reports UEFA has opened talks about moving the 2022 Champions League final from St Petersburg.
Mr Butler added: “The Kremlin’s actions cannot go unpunished and require a swift and firm response.
I am very pleased that the United Kingdom is coordinating with our allies and partners to deliver swift sanctions against Putin’s regime. We stand shoulder-to-shoulder with Ukraine.”