Since the collapse of the Soviet Union 30 years ago, London’s capital markets have been a favorite destination for Russian companies seeking to raise money outside of Moscow. Among those targeted by the second wave of sanctions was Putin’s former son-in-law, Kirill Shmalov.

He is the son of a longtime friend of the Russian president who is also a shareholder in Bank Rossia, which US officials have described as the personal bank of the Russian elite.

Pyotr Fradkov, chairman of Promsvyazbank, was also under sanctions. The UK’s finance ministry has accused Fradkov of working to transform the bank into one that serves Russia’s defence industry.

The UK will also ban Russia’s flagship airline Aeroflot from landing in the UK, suspend dual export licences to Russia and ban exports of some high-tech products and parts of the extractive industry.

Sanctions were also aimed at preventing wealthy Russians from using London as their investment haven, reducing their ability to store large amounts of cash in British banks.

Western nations are coordinating action to impose tougher sanctions on Russia in response to its comprehensive attack on neighboring Ukraine, where Moscow has launched missile attacks on cities and deployed troops.

Speaking to parliament on Thursday, Boris Johnson said, “This hideous and barbarous venture of Vladimir Putin must end in failure,”

“For our part today the UK is announcing the largest and most severe package of economic sanctions that Russia has ever seen.”

A government official said the coordinated sanctions by countries around the world would knock percentage points off the Russian economy in the next 12 to 18 months.

The British government said it would impose an asset freeze on some major Russian banks, including state-owned VTB, its second biggest bank, and stop major Russian companies from raising finance in Britain.