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The UK will introduce sanctions against Russia's President Vladimir Putin and Foreign Minister Sergey Lavrov "imminently", Boris Johnson has said.
While the prime minister gave no details about the move, he said "the world must make certain President Putin would fail in this act of aggression".
The UK announcement comes as the EU is also considering imposing measures against Mr Putin and Mr Lavrov.
Russia launched an invasion of its neighbour Ukraine on Thursday morning.
Its forces have now advanced towards the capital Kyiv.
Mr Johnson said a "catastrophe was engulfing Ukraine" and Mr Putin was engaging in a mission to "over-turn the post-Cold War order".
The prime minister warned that the Russian president's ambitions might not stop at Ukraine and that this was a Euro-Atlantic crisis with global consequences.
Mr Johnson said the UK stood ready for any request from Nato to go further with military support, adding there could be no normalisation of relations with Russia after this act.
He added that it was "vital" the alliance was strengthened now.
The prime minister also urged leaders to take "immediate action" on removing Russia from the Swift international banking system to "inflict maximum pain on President Putin and his regime".
The measures are in addition to the sanctions announced by the UK on Thursday which targeted Russian banks, businesses and oligarchs.
Russia attacks Ukraine: More coverage
Mr Johnson spoke to Ukrainian President Volodymyr Zelensky on Friday morning, pledging more support in coming days.
Mr Zelensky said Ukraine "needs the support of partners more than ever" and called for stronger sanctions.
Earlier, Defence Secretary Ben Wallace said Ukraine would be supported to "fight every street with every piece of equipment we can get to them".