The Russian stock market has been unable to open for three days, its value has fallen by $250 billion dollars and the ruble (Russia's currency) has fallen by about 40%, Boris Johnson has said.
The prime minister said the "impact is being felt" in Moscow, all "thanks to the package of global sanctions, Western sanctions, that the UK has led in forcing on the Putin regime".
The latest measure designed to hit the Russian economy is the exclusion of seven Russian banks from the international banking system Swift, agreed between the UK, US and EU.
The banks being excluded include VTB, Bank Otkritie, Novikombank, Promsvyazbank, Bank Rossiya, Sovcombank and VEB.
Sberbank, and Gazprombank are not on the list because they facilitate the purchase of Russian oil and gas, which EU countries are still buying - the UK however is pushing to have all Russian banks excluded from the banking system.
Why has Russia invaded Ukraine and can Putin be stopped?
And further sanctions are being planned, with more oligarchs, politicians and banks set to be targeted with new measures.
Boris Johnson has told MPs that a "full list of all those associated" with Vladimir Putin's regime will be published, as he looked to heap further pressure on oligarchs with UK investments to "disassociate themselves from this barbaric invasion".
No 10 said a "significant proportion" of those on the list will be sanctioned as part of punitive measures after the invasion of Ukraine.
Full list of sanctions issued amid Ukraine crisis:
A freeze on all UK assets of all Russian banks
Sanctions against politicians and members of Russia's National Security Council will be announced in days
A block on the export of high-end tech equipment to Russia - a move designed to "blunt Russia’s military industrial capabilities"
All Russian ships banned from docking at UK ports
All Russian banks prevented from clearing payments in pounds sterling
All major Russian firms banned from raising finance in the UK and prevent the Russian state from raising sovereign debt in the UK
All Russian aircraft, including private jets, banned from landing in the UK
All dual export licences on any items that could be used in the Russian military suspended
Exports in the extractives industry (eg, oil refinery) to Russia prohibited
Legislation will be introduced to limit deposits Russian nationals can hold in UK bank accounts
Shut off access for Russian banks to the SWIFT international payment system
The full range of measures has been extended to Belarus given its ties to the Russian state
The embargo on trade and investment in Crimea has been extended to the newly occupied territory in breakaway republics Luhansk and Donetsk
Unexplained wealth orders will be strengthened under the economic crime bill which will be brought to Parliament before Easter recess
A full list of oligarchs personally targeted and who they are: It is understood these individuals will have their assets frozen and be banned from entering the UK.
The oligarchs will be unable to use, move or sell anything of value they own in the UK.
Russian President Vladimir Putin
Russian Foreign Minister Sergey Lavrov
Kirill Shamalov - At just 39 years old he is Russia's youngest billionaire and was formerly married to Putin's daughter Katerina Tikhonova
Pyotr Fradkov - The 43-year-old head of sanctioned Promsvyazbank, which finances Russian defence industries. He is the son of Mikhail Fradkov, a former prime minister of Russia who was chief of its foreign intelligence service
Denis Bortnikov - The 47-year-old deputy president of government-affiliated VTB bank, for benefiting from or supporting the Kremlin. His father Alexander Bortnikov is head of the Federal Security Service (FSB)
Yury Slyusar - The 47-year-old is director of United Aircraft Corporation, one of the major defence organisations which is also being sanctioned
Elena Georgieva - The chair of the board of Novikombank, a state-owned defence conglomerate that bankrolls Rostec
Gennady Timchenko - One of Russia's richest men with a fortune estimated at £14bn, the 69-year-old oligarch owns Volga Group, a holding company which specialises in investments in energy, transport and infrastructure assets
Boris Rotenberg - He is thought to be one of Putin's oldest friends, having known him since childhood. The 65-year-old billionaire, along with his brother Arkady trained alongside Putin in martial arts before moving into business. The brothers own construction company SGM Group
Igor Rotenberg - The nephew of Boris and the son of Arkady is described in UK sanctions as a “prominent Russian businessman with close familial ties" to Putin. The 47-year-old owns stakes in several Russian companies including the country's toll road operator