Mr Cleverly said that the UK, EU, US and others had been “working closely on sanctions”, adding: “It’s not a competition”.

Italy seized two oligarch yachts over the weekend worth £95 million in total. In the port of Imperia, the police seized the 215ft-long Lady M, a £54 million yacht that belongs to Alexey Mordashov, one of Russia’s richest men, who is said to be worth about £22 billion.

The Telegraph revealed last week that human rights laws are being used by the lawyers of Russian oligarchs to argue against potential sanctions.

Solicitors fighting sanctions are using the right to a fair trial, enshrined in Article 6 in the European Convention on Human Rights, by arguing their clients must be presumed innocent until proven otherwise.

Legal changes will speed up sanctions

Last week the Prime Minister approved a host of legal changes to speed up the UK’s ability to sanction Russian oligarchs after the United States and the European Union moved faster.

The so-called “appropriateness” test for sanctioning a person or company will be dropped, making it easier to prove links to the Kremlin.

Another change will make it easier to bring cases against oligarchs who have already been sanctioned by Washington and Brussels.

A third will mean that the true owners of properties must be revealed six months after a new law demanding such is brought in, down from the original 18 months.

Downing Street has said that a new “oligarch taskforce” is being created, with ministers and officials from four government departments working with the National Crime Agency.