The UK is ready to make economic "sacrifices" in its efforts to prevent Russia "destabilising" Ukraine, Foreign Secretary William Hague has said.
He told the BBC further sanctions were being planned, but there was no "fixed red line" to decide how far Moscow needs to go before they are imposed.
But Mr Hague said he thought Russia was encouraging separatist groups in eastern Ukraine.
Russian President Vladimir Putin has rejected the accusation.
Tension has been steadily rising since Russia annexed the Crimean peninsula, formerly part of Ukraine, last month.
Asked on BBC Radio 4's Today programme if he was ready to see the City of London, which has a large amount of trade with Russian firms, "taking its hit", Mr Hague replied: "Yes. We are ready to play our part in that. The issues at stake here are of enormous importance, of a rules-based international system and respect for the independence and sovereignty of a nation.
BBC News - UK prepared to 'make sacrifices' to help Ukraine - Hague
That means Joe Public will be paying more for oil and gas, but Hague doesn't mind, after all his will probably be paid by his expenses, again paid for by Joe Public. So when he says "The UK is ready to make sacrifices" he means that the government is prepared for Joe to pay as usual.
He told the BBC further sanctions were being planned, but there was no "fixed red line" to decide how far Moscow needs to go before they are imposed.
But Mr Hague said he thought Russia was encouraging separatist groups in eastern Ukraine.
Russian President Vladimir Putin has rejected the accusation.
Tension has been steadily rising since Russia annexed the Crimean peninsula, formerly part of Ukraine, last month.
Asked on BBC Radio 4's Today programme if he was ready to see the City of London, which has a large amount of trade with Russian firms, "taking its hit", Mr Hague replied: "Yes. We are ready to play our part in that. The issues at stake here are of enormous importance, of a rules-based international system and respect for the independence and sovereignty of a nation.
BBC News - UK prepared to 'make sacrifices' to help Ukraine - Hague
"So, yes, we absolutely are ready to do it, in co-operation with other nations also making their own sacrifices."

)
Comment