ITV News Political Editor Robert Peston reports on the latest moves from Westminister to respond to the Russian invasion of Ukraine
Announcing a list of sanctions, the prime minister told the Commons: "Now we see him for what he is - a bloodstained aggressor, who believes in imperial conquest."
Among the measures was a freeze on all Russian banks' UK assets and a pledge to have the country blocked from the international payment system SWIFT - the full list of ten sanctions will also be placed on Russia's ally Belarus.
ITV News Political Editor Robert Peston doesn't think this is the most severe package of sanctions the west could produce
And more than 100 new entities and individuals including five oligarchs were hit with sanctions, such as Russia's youngest billionaire, Kirill Shamalov, who is the ex-husband of Putin's daughter.
He added that "countries that together comprise about half the world economy are now engaged in maximising economic pressure on one that makes up a mere 2%".
Mr Johnson said he had agreed with Nato allies a "massive" package of sanctions "designed in time to hobble the Russian economy".
What sanctions will the US take against Russia? US Correspondent Emma Murphy explains
The Russian invasion was launched overnight, with President Putin telling the West any interference would lead to "consequences you have never seen."
Ahead of launching his invasion, the strong-arm leader warned Ukrainians to "lay down your arms immediately and go home".
"All Ukrainian soldiers who comply with this requirement can freely leave the area of military action and return to their families," Putin said.
To support Ukrainians currently in the UK, the Home Office said it was relaxing visa rules so any on work, study or visit visas will have their visas temporarily extended or be able to switch onto different visa routes.
In a collective statement, leaders of G7 countries Canada, France, Germany, Italy, Japan, and the United States said: "We as the G7 are bringing forward severe and coordinated economic and financial sanctions."
They added: "President Putin has re-introduced war to the European continent. He has put himself on the wrong side of history.
"We call on the Russian Federation to stop the bloodshed, to immediately de-escalate and to withdraw its forces from Ukraine."
Here's the full list of sanctions:
The government plans to freeze all UK assets of all major Russian banks with immediate effect, including an immediate freeze on the country's biggest bank, VTB Bank.
Legislation will be introduced on Tuesday to prohibit all major Russian firms from raising finance in the UK and prevent the Russian state from raising sovereign debt in the UK.
Over 100 individuals, entities and subsidiaries will be sanctioned, including Russia's biggest defence company and several oligarchs.
Oligarchs hit personally by the sanctions:- Kirill Shamalov, Russia's youngest billionaire formerly married to Mr Putin's daughter Katerina Tikhonova. - Pyotr Fradkov, the head of sanctioned Promsvyazbank, and son of former head of FSB. - Denis Bortnikov, the deputy president of VTB bank. - Yury Slyusar, the director of United Aircraft Corporation, one of major defence organisations which is also being sanctioned. - Elena Georgieva, the chair of the board of Novikombank, which bankrolls Rostec.
The government is also looking to imminently ban all Russian Airlines - commonly known as Aeroflot - from landing in the UK.
All dual export licences on any items that could be used in the Russian military will be suspended immediately.
Within days all high tech exports and exports in the extractives industry (eg, oil refinery) to Russia will be prohibited.
Legislation will be introduced to limit deposits Russian nationals can hold in UK bank accounts.
The UK will work with allies to essentially shut off Russian access to SWIFT international payment system.
The full range of measures will be extended to Belarus given its ties to the Russian state.
Unexplained wealth orders will be strengthened under the economic crime bill which will be brought to Parliament before Easter recess.
Why has Russia invaded Ukraine and can Putin be stopped? Listen to our What You Need To Know podcast:
On the oligarch sanctions, a diplomatic source said: “These are people who have international lifestyles.
“They come to Harrods to shop, they stay in our best hotels when they like, they send their children to our best public schools, and that is what's being stopped.
“So that these people are essentially persona non grata in every major Western European capital in the world. That really bites.”
Labour leader Sir Keir Starmer said it was time to "crack open" the shell companies that Putin's "bandit" friends use to hide stolen money in the UK, after he welcomed sanctions announced by the PM.
"There are changes we must make here in the UK. For too long our country has been a safe haven for the money that Putin and his fellow bandits stole from the Russian people. It must now change.
"Cracking open the shell companies in which stolen money is hidden will require legislation - bring it forward immediately Prime Minister and Labour will support it, along with the other measures that the Prime Minister has just outlined."
Conservative former prime minister Theresa May said Russia needs to feel "the cold wind of isolation" after Putin "initiated war in mainland Europe".
She said the "response must be unequivocal and absolutely clear" and include "every possible possible economic sanction".
The measures announced on Thursday come on top of sanctions on Russian banks and citizens announced by the PM on Tuesday before the Russian invasion.
The banks were Rossiya Bank, IS Bank, General Bank, Promsvyazbank, and the Black Sea Bank.
The individuals, who will have their UK assets frozen and be banned from entering the country, are Gennady Timchenko, Boris Rotenberg, and Igor Rotenberg.