Following President Vladimir Putin’s decision to send soldiers into the eastern Ukraine, targeted sanctions were imposed by Britain on five Russian banks as well as three rich individuals.

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Putin issued a vaguely worded Decree on Monday formally recognizedLuhansk, Donetsk were independent states. They sent troops to breakaway regions to “perform peacefulkeeping functions.”

This directive drew condemnation from around the worldPolicymakers were admonished for a “blatant” or “unacceptable violation of international law.

Fears of major conflicts in Europe are rising after months of simmering tensions about Russia’s military presence at the border of Ukraine.