Foreign Office officials had already been working down a “hit list” of potential oligarch targets and continue to do so, with more than 80 people developing new sanctions. The Foreign Office and the Treasury have faced a flood of correspondence from lawyers representing Russian companies and individuals who could be hit by the measures.

Michael Gove, the Levelling Up Secretary, is pushing plans to seize the British property of sanctioned oligarchs, which could be used to house Ukrainian refugees. 

On Wednesday, it emerged that Russian banks will be given a 10-day grace period before they are ejected from the Swift international payment scheme under the EU’s latest round of economic sanctions against Moscow.

After an agreement was struck by European capitals on Tuesday, seven Russian financial institutions will be blocked from using the key tool for cross-border transactions.

Despite calls to hit Moscow harder, EU ambassadors held off delisting a bank part-owned by Gazprom, the Russian gas giant, and Sberbank, the country’s largest lender. In a private meeting, they agreed to hit VTB Bank, Bank Rossiya, Bank Otkritie, Novikombank, Promsvyazbank, Sovcombank and VEB.

Poland had lobbied EU colleagues to hit Gazprombank and Sberbank but failed to convince them the move would not have repercussions for the bloc’s oil and gas supplies.