The sanctions include a ban on services exports to Russia, cutting them off from doing business with UK sectors that are critical to the Russian economy.

The new measures will mean Russia’s businesses can no longer benefit from the UK’s accountancy, management consultancy, and PR services, which account for 10% of Russian imports in these sectors.

The UK Government has also announced 63 new sanctions, including travel bans and assets freezes for individuals linked to Russian broadcasters and newspapers, and sanctions against mainstream media organisations.

This is bolstered by new legislation now in force which means social media, internet services and app store companies must take action to block content from two of Russia’s major sources of disinformation, RT and Sputnik.

Foreign secretary Liz Truss said: “Doing business with Putin’s regime is morally bankrupt and helps fund a war machine that is causing untold suffering across Ukraine. Cutting Russia’s access to British services will put more pressure on the Kremlin and ultimately help ensure Putin fails in Ukraine.”

Business secretary Kwasi Kwarteng added: “Our professional services exports are extraordinarily valuable to many countries, which is exactly why we’re locking Russia out. By restricting Russia’s access to our world-class management consultants, accountants and PR firms, we’re ratcheting up economic pressure on the Kremlin to change course.”