In moving into eastern Ukraine, Russia has ignored a wave of threats from the United States and its Western allies of severe sanctions. 

In response, the U.S., United Kingdom, European Union and Germany are following through by moving swiftly to punish Russia. Most also have indicated further sanctions are possible, withholding bargaining chips in hopes of deterring a full-scale invasion of Ukraine. 

Western powers have long made clear the fate of Ukraine wasn't worth a direct military confrontation with Russia and the potential of a world war, so sanctions were the best option to channel their anger.

Russia insists it is sending "peacekeepers" into eastern Ukraine, but European Union foreign policy chief Josep Borrell stressed they were “troops” on sovereign Ukrainian territory. The U.S. and Britain are among those labeling Russia's movement in Ukraine as an "invasion."

Here is a look at the sanctions that have been issued.

United States

President Joe Biden announced Tuesday afternoon that the U.S. is imposing full blocking sanctions on two large financial institutions: VTB and Russia’s military bank. The U.S. also is implementing comprehensive sanctions on Russia’s sovereign debt. 

“That means we've cut off Russia's government from Western financing,” Biden said. “It can no longer raise money from the West and cannot trade in its new debt on our markets or European markets, either.”

In addition, the U.S. will move to sanction “Russian elites” and their family members starting Wednesday, Biden said. 

“As Russia contemplates its next move, we have our next move prepared as well,” he said. “Russia will pay an even steeper price if it continues its aggression, including additional sanctions.”

Those sanctions follow an executive order Biden signed Monday evening banning “new investment, trade and financing by U.S. persons to, from, or in" the so-called Donetsk People's Republic and Luhansk People's Republic, the two breakaway territories in eastern Ukraine that Russian President Vladimir Putin said Monday Russia will now recognize as independent states. 

Also, a bipartisan group of lawmakers said that they are working on a bill that would provide aid to Ukraine while also severely punishing Russia, which could pass after they return from the Presidents’ Day recess next week.

"I want a sanctions regime from hell next week, Republican Sen. Lindsey Graham told reporters in his home state of South Carolina. "I’d like to go after Putin and his cronies as hard as we can. I would like to make life miserable for Putin and those who support him, because if we don’t, other bad actors are going to move quickly in other areas."

Graham told reporters he was on the phone with other lawmakers, including Democrats, "all morning" to try and sort out the bill, which would include a task force targeting Russian oligarchs.

"We need a united world front of Western nations that would take off the table the rich lifestyle of the oligarchs, that would create alternatives to Russian oil and gas," Graham said Tuesday. "We could crush their economy, and the ruble should go in the tank."

United Kingdom 

Britain on Tuesday imposed sanctions on five Russian banks and three wealthy individuals with ties to Putin. 

Warning that Russia is on a track toward “pariah status,” British Prime Minister Boris Johnson told Parliament that Black Sea Bank, GenBank, IS Bank, Promsvyazbank and Bank Rossiya are being sanctioned

Britain is also going after Gennady Timchenko and brothers Igor and Boris Rotenberg by freezing their U.K. assets, banning them from traveling there, and barring British individuals and entities from conducting business with them. 

According to the British government, Timchenko is a major shareholder in Rossiya, which has helped fund the National Media Group that has supported the destabilization of Ukraine since Russia annexed Crimea in 2014. 

The U.K. stopped short of sanctioning Russia’s biggest state banks, companies or so-called Russian oligarchs from Britain. 

"This is the first tranche, the first barrage of what we are prepared to do," Johnson said. "It is absolutely vital that we hold in reserve further powerful sanctions … in view of what President Putin may do next."

Meanwhile, the British government is leading calls for May’s Champions League soccer final to be relocated from St. Petersburg, Russia. 

European Union

The EU’s 27 member nations voted unanimously Tuesday to punish Russian lawmakers, individuals, entities and the government itself. 

The bloc agreed to sanction 351 members of the State Duma — the lower house of the Russian assembly — who voted in favor of Russia recognizing Donetsk and Luhansk as republics. 

The EU will also punish 27 individuals and entities accused of destabilizing Ukraine, orchestrating disinformation campaigns and providing financial support to the two breakaway territories. 

Those sanctioned face having their assets frozen and being barred from traveling to EU countries. 

The sanctions also restrict Russian banks and government bodies by limiting their access to EU’s financial and capital markets, and prohibit trade between EU nations and the separatist regions in eastern Ukraine.

“This package of sanctions … will hurt Russia, and it will hurt a lot,” Borrell said.

Germany

Germany dealt one of the earliest big blows to Russia on Tuesday by halting the process of certifying the Nord Stream 2 gas pipeline from Russia — a lucrative deal long sought by Moscow, but criticized by the U.S. for increasing Europe's reliance on Russian energy supplies.

German Chancellor Olaf Scholz said the decision was made after Putin signed the decrees recognizing the two breakaway regions.

 “Now it's up to the international community to react to this one-sided, incomprehensible and unjustified action by the Russian president,” Scholz told reporters in Berlin, adding that it was necessary to “send a clear signal to Moscow that such actions won't remain without consequences.”

Australia

Australia's cabinet Wednesday approved sanctions and travel bans that target eight members of the Russian Security Council, and agreed to align with the United States and Britain by targeting two Russian banks.

"It’s important that we play our part in the broader international community to ensure that those who are financing, profiting from an autocratic and authoritarian regime that is invading its neighbor should have nowhere to run and nowhere to hide when it comes to trying to move their money around,” said Morrison, the prime minister.

Australia also warned businesses to prepare for retaliation through Russian cyberattacks.

Japan

Prime Minister Fumio Kishida announced sanctions targeting Russia and the two separatist Ukrainian regions.

Kishida told reporters that Tokyo will ban any new issuance and distribution of Russian government bonds in Japan because of “a series of actions Russia has been taking in Ukraine.”

Kishida said Japan will also stop issuing visas to people linked to the two Ukrainian rebel regions and will freeze their assets in Japan. Tokyo will also ban trade with the two areas. He said Japanese officials are finalizing further details and added that Japan could increase sanctions if the situation worsens.

Japan opened a temporary office in Lviv, in western Ukraine, to help evacuate about 120 Japanese citizens, and has arranged chartered flights in nearby countries, Kishida said.

Note: This article was updated to correct the name of the bank VEB and to include sanctions announced by Australia and Japan.