Rishi Sunak welcomed commitments from companies such as BP, Shell, Aviva, M&G and Vanguard, which have announced their intention to reduce or sell holdings in Russia in recent days.

Last week the Big Four accounting firms, PwC, Deloitte, EY and KPMG, all pulled out of Russia, removing their network members working across the country. 

In a bid to ensure Putin and his regime feel maximum economic pain, he said there was no argument for new investment in the Russian economy from UK firms.