UK PM Johnson unveils 'severe' sanctions against Russia

British Prime Minister Boris Johnson unveiled a package of "severe" sanctions against Russia on Thursday, targeting banks, members of President Vladimir Putin's closest circle and the extremely wealthy who enjoy high-rolling London lifestyles, Reuters reports.

Western nations are coordinating action to impose tough sanctions against Russia in response to its all-out invasion on neighbouring Ukraine, where Moscow staged missile strikes on cities and poured its troops into the country.

Speaking to parliament, Johnson said 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 of barbarous venture of Vladimir Putin must end in failure," he told parliament when announcing the new sanctions.

These are the sanctions Prime Minister Boris Johnson has just announced the UK will put on Russia:

1. All major Russian banks will have their assets frozen and will be excluded from the UK financial system. This will stop them from accessing sterling and clearing payments through the UK. This includes a full and immediate freeze of VTB bank
2. Legislation will stop major Russian companies and the state from raising finance or borrowing money on UK markets
3. Asset freezes will be put on 100 new individuals or entities
4. The Aeroflot airline will be banned from landing in the UK
5. There will be a suspension of dual use export licences to cover things which can be used for military purposes
6. Within days the UK will stop exports of hi-tech items and oil refinery equipment
7. There will be a limit on deposits Russians can make to UK bank accounts
8. The UK has an intention to "work with allies" to shut off Swift payments but "its a challenge", Johnson said
9. Similar financial sanctions will be extended to Belarus for its role in the assault on Ukraine
10. The UK will bring forward parts of the economic crime bill before the Easter recess

The 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.

Since the fall of the Soviet Union three decades ago, London's capital markets have been the favoured destination for Russian companies seeking to raise money outside Moscow.