As the world watches Russia’s actions in Ukraine, Western policymakers are exploring ways to pressure the Kremlin — including taking aim at their pocketbooks.

The U.K. has long been known as a major destination for rich Russians to park and grow their fortunes. And now authorities are hoping to leverage that status.

“It’s always like the gun you have on the table — it is in the room and gives you leverage without you using it,” Alex Nice, a researcher at the Institute for Government, told ICIJ. “In elite Russian financial circles, there is always that lingering concern about what U.K. authorities know and what they could do.”

Earlier today, hours after Russian President Vladimir Putin ordered troops into eastern Ukraine, the U.K. hit three wealthy businessmen close to him and five Russian banks with sanctions.

The oligarchs targeted will be familiar to longtime ICIJ readers, as previous offshore investigations uncovered details of their secret financial dealings.

The Pandora Papers revealed massive loans involving oil magnate Gennady Timchenko, who the new U.K. sanctions list links to forces accused of “destabilizing Ukraine.” Previously, the FinCEN Files and Panama Papers detailed offshore transactions involving the Rotenberg family, including billionaire brothers Arkady and Boris who are childhood friends of Putin. These include what the brothers did with several companies after they were sanctioned by the U.S. in response to Russia’s 2014 invasion of Crimea.

The figures had already been sanctioned by the U.S. and may be the first of more to come, as British Prime Minister Boris Johnson warned that more punitive measures may follow if Russia continues its invasion.

MORE RUSSIAN RICHES Here are other wealthy Russians with elite political connections who have featured in ICIJ investigations – and who have received additional scrutiny from authorities.