The UK is developing a bill to tighten sanctions against Russia that will be presented in the coming days, Foreign Secretary Liz Truss said.
"We will be bringing forward new legislation to make our sanctions regime tougher so we are able to target more companies and individuals in Russia. We will be bringing that forward in the next few days," Truss told the Sky News broadcaster.
Truss said on Monday in a televised appearance for UK broadcaster Sky News that London had prepared "a strong package" of economic sanctions against Russia, adding it is ready to use it in the event of further escalation of the Ukrainian crisis.
Earlier, UK Prime Minister Boris Johnson said his country was working "together with partners around the world" on a package of economic sanctions against Russia.
Moscow has repeatedly denied Western allegations about Russia's 'plans' to invade Ukraine, adding that it does not threaten anybody and is not going to attack anyone. The Russian Foreign Ministry repeatedly stressed that speculation about "Russian aggression" is being used as a pretext to deploy more NATO troops close to Russia's borders.