Government to discuss Russia sanctions with City firms

The government is to discuss the imposition of potentially tougher financial sanctions on Russia with key City institutions, it was reported on Wednesday.

According to the Financial Times, City minister John Glen will chair the meeting, scheduled for later Wednesday afternoon. It is understood that representatives from a number of banks will attend, including Citi, Barclays, JPMorgan and NatWest, along with the Prudential Regulation Authority and the London Metal Exchange.

Prime minister Boris Johnson is also expected to dial into the call.

On Tuesday, Johnson imposed sanctions on five Russian banks and three individuals after Vladimir Putin sent tanks into two rebel-held regions of eastern Ukraine. Johnson said it was the first tranche of a "barrage" of sanctions that the UK was prepared to impose.

However, politicians from across the house called for the government to go further sooner, and on Wednesday foreign minister Liz Truss told Sky News that the government would halt Russia selling sovereign debt in London.

The Foreign Office has already said that, should Russia not de-escalate, the UK and its allies will "effectively be isolating Russia from the global economy, and making it far more difficult for oligarchs and businesses to operate outside their own borders".