Russia will retaliate if new sanctions are imposed by Britain, according to the country’s foreign minister, Sergei Lavrov.

UK ministers last week gained powers to impose tough new sanctions on Russian oligarchs and businesses.

Prime Minister Boris Johnson has said the “very, very tough” package of sanctions is “ready to go” should Russia launch a “reckless” invasion of Ukraine.

“What we’re doing is targeting particular Russian banks, Russian companies, and making sure that we take steps, take even more steps, to unseal the facade of Russian property holdings… whether in London or elsewhere,” Mr Johnson said on Tuesday.

“Unpeel the facade of Russian ownership of companies. And also take steps to take Russian companies from raising capital on London financial markets.”

The Foreign Office said legislation laid in parliament last week would allow the UK to sanction those linked directly to Russia’s agitation over Ukraine, as well as Kremlin-linked organisations and businesses of “economic and strategic significance” to the Russian government.

This includes their owners, directors and trustees.