More than 60% of Russian president, Vladimir Putin's war chest has been frozen by sanctions, according to the UK.
According to the UK's foreign secretary, Liz Truss more than $350bn (£266bn) of Russia's $604bn foreign currency has been frozen ever since Russia invades Ukraine but more needs to be done.
The foreign secretary said "crippling" sanctions are pushing the Russian economy back "into the Soviet era".
Truss, who spoke after talks with her Polish counterpart Zbigniew Rau, urged G7 countries to go further in their sanctions ahead of G7 and Nato meetings this week.
Truss said she is calling for ban on Russian ships from their ports, cracking down on Russian banks, going after industries "filling Putin's war chest" such as the gold trade, and agreeing a timetable to eliminate imports of Russian oil and gas.
Ms Truss said the only way to end the war is for Russian President Mr Putin to lose in Ukraine and will stress the urgency of stepping up sanctions, as well as giving weapons to Ukraine to defend itself.
"Although Russian troops have been defeated in their initial assault on Kyiv, there has been no change in their intent and ambition," she said.
"We are seeing Putin's forces set their sights on the east and south of Ukraine, with the same reckless disregard for civilian lives and their nationhood.
"So far our sanctions have had a crippling impact on those who feed and fund Putin's war machine."
Her call for more to be done comes amid condemnation after images of bodies in the streets of Bucha, near Kyiv, emerged after Russian troops withdrew.
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