Britain is ready to officially recognize the Russian mercenary group Wagner as a terrorist organization, which will lead to financial sanctions and other measures to increase pressure on Russia, The Times and Reuters note.

Britain’s Home Office has been preparing the file for two months, and sanctions are “imminent” in a few weeks, The Times reported, citing a government source.

If approved, it would be a criminal offense to be a member of Wagner, attend its meetings, encourage support or wear its logo in public, the newspaper writes.

The determination will also impose financial sanctions on the group, and will have implications for Wagner’s ability to raise money if any funds are channeled through British financial institutions.

There is no evidence that Wagner or people associated with the group have been active in the UK since the start of the war in Ukraine.

However, there were “suspicions” that the group was helping to funnel money out of Britain after financial sanctions were imposed on Russian oligarchs and allies of Russian President Vladimir Putin, a government source told the paper.