UK firms were working out this afternoon what the impact of the government’s promised threat of sanctions will be on their business in Russia after its president Vladimir Putin ordered troops into two rebel-held regions in eastern Ukraine overnight.

Earlier today, prime minister Boris Johnson imposed asset freezes on five major Russian banks and three high-net-worth individuals telling MPs in the House of Commons: “This is the first tranche, the first barrage of what we are prepared to do.”

But UK businesses working in Russia contacted by Building Design said they were carrying on as normal – for now.

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