Roman Abramovich is among seven Russian oligarchs to be added to the UK sanctions list, the Government has announced.
The owner of Chelsea Football Club will face a ban on all transactions with UK individuals and businesses, a travel ban and transport sanctions.
Igor Sechin, Oleg Deripaska and Dmitri Lebedev have also been included.
"There can be no safe havens for those who have supported Putin's vicious assault on Ukraine," Boris Johnson said.
"Today's sanctions are the latest step in the UK's unwavering support for the Ukrainian people. We will be ruthless in pursuing those who enable the killing of civilians, destruction of hospitals and illegal occupation of sovereign allies."
Mr Deripaska has stakes in En+ Group, Mr Sechin is the chief executive of Rosneft and Mr Lebedev is chairman of the Board of Directors of Bank Rossiya.
Roman Abramovich has been sanctioned in part because of his links to a metals firm that may have provided steel to the Russian military to build tanks.
The oligarch is cited in the Government's financial sanctions register as having a significant shareholding in, and exercising effective control over, the steel manufacturing and mining company Evraz Plc.
It states: "Abramovich is or has been involved in destabilising Ukraine and undermining and threatening the territorial integrity, sovereignty and independence of Ukraine, via Evraz Plc…
"Evraz Plc is or has been involved in providing financial services, or making available funds, economic resources, goods or technology that could contribute to destabilising Ukraine or undermining or threatening the territorial integrity, sovereignty or independence of Ukraine – which includes potentially supplying steel to the Russian military which may have been used in the production of tanks."
The document, published by the Treasury's Office of Financial Sanctions Implementation, states that Mr Abramovich "is or has been involved in obtaining a benefit from or supporting the Government of Russia", as he and the metals and mining company "carry on business in sectors of strategic significance to the Government of Russia – namely the construction, defence and extractive sectors".
It also cites the "pro-Kremlin" oligarch's "close relationship for decades" with Vladimir Putin and asserts that he has received "preferential treatment and concessions" from the Russian President and government.
The new sanctions announced today form part of a Government strategy to take the Russian economy "out at the knees" and curb funding of the "Putin war machine".
A Foreign Office source told The Telegraph: "Liz [Truss] and the Government's strategy is to debilitate the Russian economy - taking it out at the knees.
"The people sanctioned today have a huge amount of wealth. Abramovich is the most familiar name for the UK audience, but the likes of Deripaska and Sechin are huge financial figures in Russia.
"This is part of a strategy that targets banks, financial institutions, defence companies and really puts the squeeze on the Russian economy and what funds the Putin war machine, to ensure he fails in Ukraine, especially if this conflict goes medium to long term."
It is also designed to send "a signal that no-one and nothing is off the table in terms of sanctions now and in the future", the Whitehall insider said.
Britain's aim to isolate Russia economically by making it difficult for oligarchs and state companies to operate outside the nation's border dovetails with the UK's diplomatic isolation of Moscow at the United Nations.
