Boris Johnson has vowed to impose “the largest and most severe package of economic sanctions that Russia has ever seen” in response to the invasion of Ukraine.
The prime minister unveiled 10 new measures aimed at punishing Vladimir Putin for the unprovoked assault on his neighbours.
They include an asset freeze against all major Russian banks and legislation prohibiting the Russian state from raising money on the UK’s financial markets.
Sanctions will also be imposed on over 100 individuals, including five super-rich oligarchs linked to the Putin regime, while the Russian airline Aeroflot will be banned from landing any of its planes in the UK.
Legislation to limit the amount of deposits Russian nationals can hold in UK bank accounts will also be introduced to parliament.
In a statement to MPs, Johnson said: “Putin will stand condemned in the eyes of the world and of history. He will never be able to cleanse the blood of Ukraine from his hands.
“Although the UK and our allies tried every avenue for diplomacy until the final hour, I am driven to conclude that Putin was always determined to attack his neighbour, no matter what we did.
The Prime Minister added: “Now we see him for what he is – a bloodstained aggressor, who believes in imperial conquest.”
The latest set of sanctions are in addition to separate measures announced on Tuesday, which critics said did not go far enough.
Johnson said the UK would introduce new legislation to ban the export of all dual-use items to Russia, including a range of high-end and critical technological equipment and components in sectors including electronics, telecommunications, and aerospace.
“These trade sanctions will constrain Russia’s military-industrial and technological capabilities for years to come,” he said.
The PM revealed that a new ‘Kleptocracy Cell’ would be set up in the National Crime Agency targeting Russian oligarchs with hidden wealth in the UK.
Johnson said he would continue talks with EU and other international partners to persuade them to ban Russia from the SWIFT global financial transaction scheme.
Such a move would deal a crippling blow to the Russian economy, but it is understood that some countries - including Germany - are opposed to the move because of the impact it could have on their own financial systems.
“We will continue on a remorseless mission to squeeze Russia from the global economy piece by piece, day by day and week by week,” Johnson said.
“We will of course use Britain’s position in every international forum to condemn the onslaught against Ukraine, and we will counter the Kremlin’s blizzard of lies and disinformation by telling the truth about Putin’s war of choice and war of aggression.”
Labour leader Keir Starmer said he supported the new set of sanctions, and that his party would support the PM if he goes further.
He said: “For too long our country has been a safe-haven, for the money that Putin and his fellow bandits stole from the Russian people. It must change now.
“Cracking open the shell-companies in which the stolen money is hidden will require legislation. Bring it forward immediately Prime Minister and Labour will support it.”