On Tuesday, the UK sanctioned entities and individuals closest to the Russian Kremlin. Banks targeted include: Bank Rossiya; Black Sea Bank for Development and Reconstruction; IS Bank; Genbank; and Promsvyazbank. Further sanctions will imminently be imposed on Donetsk and Luhansk, as an extension of those placed on Crimea. In case of escalation, an “unprecedented” sanctions package is ready to be rolled out by the UK. FI must ensure they regularly update lists utilised for screening and sanctions procedures.