Russia-Ukraine crisis: How will the sanctions on Russia impact the UK?

This comes after Russian President Vladimir Putin recognised two breakaway regions of eastern Ukraine as independent states in Donetsk and Luhansk.

Mr Johnson is prepared to place sanctions on key Russian figures and businesses and will address the Commons later today (Tuesday, February 22) with further details.

Earlier today he also warned that President Putin had “gravely miscalculated” the situation.

He said: “He believes that Ukraine has no real right to exist as a sovereign, independent country.

Putin has taken a step of escalation in recognising the two Ukrainian regions as independent (PA)

“But that goes against everything that we struggled to achieve at the end of the Cold War, it goes against the aspirations of the Ukrainian people.

“The most difficult thing now for Vladimir Putin in prosecuting this war… he will come up against something that I think will be very hard for him to beat, and that is the Ukrainian sense of national pride and their determination to defend their country and to fight for it.”

READ MORE: What is Nord Stream 2 pipeline? How Russia-Ukraine crisis could affect UK gas prices

However, what will the sanctions be against Russia exactly and how will it impact the UK?

What sanctions will Boris Johnson likely place on Russia?

Boris Johnson will likely look to hurt President Putin by targeting his allies, therefore weakening his position.

There are already 180 individuals and almost 50 groups or businesses under economic sanctions linked to Russia’s annexation of Crimea in 2014, which will likely be expanded upon.

Mr Johnson added that the sanctions would hit Russian economic interests supporting "Russia's war machine" and its wider activities in the region.

Boris Johnson did not hold back in his criticism of Vladimir Putin (PA)

How will sanctions against Russia impact the UK?

A potential aggressive response to these sanctions could result in Russia cutting off its gas supplies to Europe.

This would not have a large direct impact on the UK, which gets less than 5% of its gas from Russia, but other European countries have a much larger share of their gas imports that come from the country.

However, Russia cutting off its supply in general to Europe could come back to economically impact the UK, as it will see gas and oil prices around the world rise.

Foreign Secretary Liz Truss said in an interview with BBC Breakfast: “First of all, if we did see a war in Ukraine, that would have a very damaging impact on oil and gas prices across Europe.

"This is why we need to reduce dependence on Russian gas, find alternative sources."