Russian citizens will be hit with a limit on how much money they can hold in UK banks as part of the economic sanctions announced on Thursday and described by UK officials as the largest in modern British history.

       Five oligarchs are also among a group of more than hundred individuals and entities who will be sanctioned as part of the UK’s punishments for the invasion of Ukraine.

       Other measures include locking Russian firms and the Kremlin out from raising money on UK capital markets and a ban on flights from the Russian airline Aeroflot touching down in Britain.

       Mr Johnson also said he was pushing for action to limit how Russians use the SWIFT international payments system – something Labour has been demanding – though negotiations with allies continue.

       “Oligarchs in London will have nowhere to hide”, the Prime Minister said as he announced the measures to the House of Commons.

       UK officials believe the sanctions announced by London and other global capitals will knock percentage points off Russia’s GDP in the next 12 to 18 months.

       Details of the intention to put a cap on the amount that any Russian national can hold in a UK bank account are still being worked up, and officials have not yet picked the figure for how much can be held in each account.

       It has also yet to be decided when the change will come into force or whether dual citizens, such as those with British and Russian citizenship, will be included in the change.

       It is being framed as part of a new drive to push Russian oligarchs and their wealth out of London in the wake of the invasion of Ukraine.

       A second part of the package will see five oligarchs directly sanctioned and Russian defence firms targeted. In total, more than 100 individuals and entities will be hit.

       Kirill Shamalov, Russia's youngest billionaire who was married to Mr Putin's daughter Katerina, is among those to be sanctioned, UK officials said. Denis Bortnikov, the chairman of the VTB Bank, and Petr Fradkov, the chairman of Promsvyazbank, will also be hit by the measures.

       Elena Georgieva, the chairman of the board of Novikombank, and Yury Slyusar, of United Aircraft, will be sanctioned, officials said.

       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. That really bites."

       Rostec, Russia's biggest defence company, will be sanctioned. It employs more than two million people and trades ￡10 billion of arms a year, according to UK officials. Some 70 of its subsidiaries and at least three other major Russian defence companies will also be sanctioned.

       UK individuals and businesses will be banned from making any financial transactions with the Russian individuals and companies sanctioned.

       All those sanctioned will also have their UK assets frozen, and the oligarchs hit with sanctions will be banned from entering the country.

       Similar packages are being announced by other countries in a concerted attempt to create immense financial pressure on the Russian economy and therefore the Kremlin.

       Mr Johnson told MPs it was "the largest and most severe package of economic sanctions that Russia has ever seen" and said: "Putin will stand condemned in the eyes of the world and of history. He will never be able to cleanse the blood of Ukraine from his hands.

       "Although the UK and our allies tried every avenue for diplomacy until the final hour, I am driven to conclude that Putin was always determined to attack his neighbour, no matter what we did."