Western leaders have imposed fresh sanctions on Russia to pile pressure on Vladimir Putin as they call for him to end the war in Ukraine.
It comes as a defiant President Volodymyr Zelenskiy said Ukrainian forces were repelling Russian troops advancing on Kyiv.
Britain, the US, Canada and the European Union announced selected Russian banks would be excluded from the Swift global payments system.
In a joint statement, leaders of those nations vowed to crackdown on so-called golden passports that let wealthy Russians connected to Putin’s government “become citizens of our countries and gain access to our financial systems”.
They have also decided to impose restrictions which will prevent the Russian Central Bank from deploying its international reserves to support the rouble and finance the war effort.
Wealthy Russians have been warned that their assets will be frozen if they violate the sanctions, which aim to "further isolate Russia from the international financial system".
A number of Western nations have also committed to sending more arms to the Ukrainians over the last 24 hours, but refused to deploy any troops.
Russian forces have reached the outskirts of the capital Kyiv and the city is being pounded by air strikes and artillery.
However, a US official told Reuters that Putin's forces have been met by "very determined resistance" and they "have not made the progress that they wanted to make, particularly in the north".
The Government said yesterday that 198 Ukrainians, including three children, had been killed by the conflict while more than 1,000 are wounded.
It also claims that around 3,500 Russian soldiers had been killed or wounded. The Russians have refused to release any casualty figures so far.
Prime Minister Boris Johnson said the West is “tightening the economic ligature” around Russia while Ukrainians are "fighting heroically" to defend their country.
Foreign Secretary Liz Truss said the Foreign Office is preparing a “hit list” of Russian oligarchs who will be targeted by sanctions in the coming months and there would be “nowhere left to hide” for the super-rich allies of Putin’s Kremlin.
In a joint statement, Western leaders said: “We stand with the Ukrainian government and the Ukrainian people in their heroic efforts to resist Russia’s invasion.
"Russia’s war represents an assault on fundamental international rules and norms that have prevailed since the Second World War, which we are committed to defending.
"We will hold Russia to account and collectively ensure that this war is a strategic failure for Putin.
“This past week, alongside our diplomatic efforts and collective work to defend our own borders and to assist the Ukrainian government and people in their fight, we, as well as our other allies and partners around the world, imposed severe measures on key Russian institutions and banks, and on the architects of this war, including Russian President Vladimir Putin.
“As Russian forces unleash their assault on Kyiv and other Ukrainian cities, we are resolved to continue imposing costs on Russia that will further isolate Russia from the international financial system and our economies.
"We will implement these measures within the coming days.”
