Prime Minister Boris Johnson announced on Tuesday that three billionaire allies of the Russian president and five Russian banks would face punitive measures in response to their country’s aggression.
Writing in The Times, Liz Truss said the UK was also considering sanctions for members of the Russian Duma and Federation Council, and extending Crimea’s territorial sanctions to the separatist controlled territories in the Donbas.
“No UK individual or business will be able to deal with these territories until they are returned to Ukraine,” she said.
Ms Truss also said the UK has a “long list” of people who have been complicit in the actions of the Russian leadership, who the Government is willing to “(turn) up the heat” on unless Russia pulls back its forces.
Beyond financial sanctions, Ms Truss added the UK was willing to introduce “measures to limit Russia’s ability to trade and prohibit a range of high-tech exports, degrading the development of its military industrial base for years”.
She said: “In time, even those close to President Putin will come to see his decisions this week as a self-inflicted wound.”