A quick summary from Sky:
Who is sanctioned?
Israel's national security minister Itamar Ben-Gvir, and finance minister Bezalel Smotrich.
Who has sanctioned them?
This action was taken by the UK, Australia, Canada, New Zealand and Norway - but notably not the US.
Why have they been sanctioned?
The action was taken due to "repeated incitement of violence against Palestinian civilians".
Under what powers was this done?
The countries have used the Global Human Rights Sanctions Regulations 2020 to designate the ministers "involved persons".
What can't they do?
The ministers have had any UK assets frozen, and are banned from the UK. The same conditions apply in the other countries to have imposed sanctions.