UK PM Boris Johnson announces largest ever sanctions targeting Russian entities, wealthy individuals

Western countries are working to impose tough sanctions against Russia in response to its all out invasion on Ukraine.

Johnson said in Parliament that Putin would be condemned by the world and by history for his invasion, never able to cleanse the "blood of Ukraine from his hands".

"This hideous and barbarous venture of Vladimir Putin must end in failure," he told parliament while declaring the new sanctions, announcing a which saw sanctions being imposed on more than 100 Russian individuals and entities, the Reuters report stated.

"For our part today the UK is announcing the largest and most severe package of economic sanctions that Russia has ever seen."

Johnson said leaders had agreed to work together to "maximise the economic price" Putin will pay.

Announcing a 10-point sanctions package, the British government said it would impose an asset freeze on some major Russian banks, including state-owned VTB, its second-biggest bank, and stop major Russian companies from raising finance in Britain, according to the report.

This comes after western countries were criticised for imposing weaker sanction on Russia after it recognised the two breakaway republics in Ukraine.

Since the fall of Soviet Union, Russian companies have been raising funds in London's capital markets when seeking to money outside Moscow.

Among the individuals targeted by the second wave of sanctions included Kirill Shamalov, Putin's once son-in-law, Reuters reported.

Britain will also ban Russia's flagship airline Aeroflot from landing in Britain, suspend dual export licences to Russia and ban exports of some high tech exports and parts of the extractive industry, it added.

Going a step ahead of other western countries, Johnson demanded Russia's exclusion from SWIFT, the inter-bank messaging network which is the backbone of international finance - a demand made by Ukraine.

The Reuters report citing officials said that the sanctions are aimed at preventing Russians from using London, often dubbed 'Londongrad' or Moscow-on-Thames, as their playground, reducing their ability to store large amounts of cash in Britain's banks.

"These are people who have international lifestyles," a diplomatic source said. "They come to Harrods to shop, they stay in our best hotels when they like, they send their children to our best (fee-paying) schools, and that is what's being stopped."