On Friday, the British government sanctioned Russian President Vladimir Putin's daughters and Foreign Minister Sergei Lavrov's daughters.

Following the announcement, Putin's daughters, Katerina Vladimirovna Tikhonova and Maria Vladimirovna Vorontsova, as well as Lavrov's daughter Yekaterina Sergeyevna Vinokurova, will face asset and travel bans.

"Our unprecedented package of sanctions is disproportionately hitting the Russian elite and their families, while wreaking havoc on the Russian economy on a scale not seen since the collapse of the Soviet Union," Foreign Secretary Liz Truss stated in a statement.

"However, we must do more. We are collaborating with partners through the G7 to phase out Russian energy and further impair Putin's capacity to finance his illegal and illegitimate invasion of Ukraine," Truss continued.

According to the government's economic research, the UK and international sanctions have frozen approximately £275 billion of Putin's war chest since the Russian invasion of Ukraine on February 24.

According to the analysis, Russia has been on the verge of a severe recession since the Soviet Union's collapse 30 years ago, with GDP growth this year ranging from -8.5 percent to -15 percent. The economy will continue to contract in the long run as Moscow becomes further isolated from the rest.

"Together, we are tightening the screws on Russia's war machine, suffocating Putin's financial sources," Truss added.

The Russia-Ukraine conflict has sparked international indignation, with the European Union, the United States, and the United Kingdom, among others, imposing severe financial penalties on Moscow.

According to UN estimates, at least 1,480 people have been killed and 2,195 injured in Ukraine, with the exact toll expected to be much higher.

According to the UN refugee agency, about 4.24 million Ukrainians have fled to neighboring countries, with millions more internally displaced.