Prime Minister Boris Johnson says Britain is slapping sanctions on five Russian banks and three wealthy individuals over Russia’s latest military moves on Ukraine.

Johnson told lawmakers that sanctions would hit Rossiya Bank, IS Bank, General Bank, Promsvyazbank and the Black Sea Bank.

He said three Russian oligarchs with interests in energy and infrastructure -- Gennady Timchenko, Boris Rotenberg and Igor Rotenberg -- will have their assets frozen and be banned from traveling to the U.K.

All three have already been sanctioned by the United States.

Johnson accused Russian President Vladimir Putin of “establishing the pretext for a full-scale offensive” against Ukraine and said “further powerful sanctions” would follow if that happened.

“This the first tranche, the first barrage of what we are prepared to do and we hold further sanctions at readiness to be deployed,” Johnson told British lawmakers.

He also said that Russian tanks and armoured personnel carriers have been spotted in the separatist Ukrainian regions recognized as independent by Russian President Vladimir Putin. He said that amounts to “a renewed invasion” of Ukraine.