The government intends to further step up the pressure on the Kremlin with plans to ban luxury goods exports to Russia as part of the latest move to isolate Vladimir Putin.
Details of the plans will be worked out in the coming days, Downing Street said.
It came as Boris Johnson joined other G7 leaders on Friday in pledging to further increase pressure on the Russian president’s regime.
The group agreed to take steps to deny Russia ‘most favored nation’ status on key products, which No 10 said would significantly reduce the ability of Russian companies to export.
But the Labor Party said the luxury goods ban “shouldn’t have taken so long”.
Nick Thomas-Symonds, Labour’s shadow international trade secretary, said: ‘Labour has been calling for a ban on luxury goods being sent to Russia for weeks, so it’s welcome that the UK government has finally listened – but it shouldn’t have taken this long.
“We cannot allow Putin and his cronies in Moscow to live a Mayfair lifestyle as they kill innocent people during their unlawful invasion of Ukraine.”
The announcement follows Britain’s sanctioning of nearly 400 Russian parliamentarians as ministers seek to “tighten the screws” on Moscow over the invasion of Ukraine.
Earlier on Friday, Ms Truss said 386 members of the Duma, Russia’s lower house of parliament, would be banned from traveling to the UK and all assets they held in the country would be frozen.
The government initially announced its intention to sanction parliamentarians last month for their support for Ukraine’s breakaway regions of Luhansk and Donetsk.
Writing in the Daily Telegraph, he said: “It happened because we forgot the most fundamental lesson of the Cold War: the power of deterrence.
He added, “Instead of peace through strength, we have caused war through weakness.
Mr Hunt also suggested the UK should increase spending on “defence, aid and soft power” to at least 4% of GDP over the next decade.
The government was also reportedly criticized by French President Emmanuel Macron on Friday for its policy of welcoming Ukrainian refugees.
According to the Guardian, at the end of an EU summit in Versailles, Mr Macron said his insistence on UK visa applications being made in person in Brussels and Paris had further exacerbated tensions. circumstances for those fleeing the war.
On Thursday, Home Secretary Priti Patel announced that from Tuesday people will be able to apply for a visa online and will no longer have to go to a processing center to give their biometrics.
In response to Mr Macron’s reported remarks, the Home Office highlighted earlier comments by Ms Patel, who said: ‘We are now making the process quicker and simpler by removing the need to physically visit application centers visas for many who make the perilous journey across Europe.
Earlier, the UK’s permanent representative to the UN accused Russia of developing “savage, totally unfounded and irresponsible conspiracy theories”.
This came as the UN Security Council met at Russia’s request to discuss Moscow’s allegations regarding biological activities in Ukraine.
Dame Barbara Woodward said Russia must not be allowed to “abuse its permanent seat” on the council “to spread misinformation and lies”.
Prime Minister Johnson has previously expressed concern that Russia is spreading a “false story” that the United States or Ukrainians have chemical weapons in Ukraine as a pretext for an atrocity.
The Ukraine crisis is expected to be a talking point when Mr Johnson meets Irish Prime Minister Micheal Martin for talks on Saturday.
The punishment of nearly 400 Russian lawmakers in the Duma on Friday follows news on Thursday that seven other oligarchs linked to Vladimir Putin, including Chelsea soccer club owner Roman Abramovich, were facing similar measures.
The Duma’s decision was first announced on February 22 and ministers have yet to target all members of the Federation Council, the upper house of Russia’s parliament.
The UK has now sanctioned more than 500 high-value individuals and entities since the start of the invasion of Ukraine, while Russian planes – including the private jets of the oligarchs – are banned in the UK.