Britain wants to impose sanctions on Russian President Vladimir Putin's "cronies" in response to the country's response over the MH17 air disaster, Philip Hammond said.
The new Foreign Secretary said: "The cronies of Mr Putin and his clique in the Kremlin are the people who have to bear the pressure.
"If the financial interests of the group around the leadership are affected, the leadership will know about it."
He added: "We are looking at individuals who contribute to, in one way or another, the regime in the Kremlin and its interference in Ukraine and Crimea or who have benefited from the decisions and actions of that regime."
Thousands of online users have taken to social media to call for the victims of the Malaysian airliner crash to be returned to loved ones.
United States intelligence officials admitted that they do not know who fired the surface-to-air missile that downed flight MH17.
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