US Vice-President, Kamala Harris, has warned Russian President Vladimir Putin of “swift” and “severe” retaliation focusing on hitting Russia where it financially hurts, should they invade Ukraine.

Ms Harris said during a Munich security conference: “Let me be clear: I can say with absolute certainty, if Russia invades Ukraine, the United States – together with our allies and partners – will impose significant and unprecedented economic cost.”

She added: “We are prepared to move forward with consequences.

“We have prepared, together, economic measures that will be swift, severe and united.

“We will impose far-reaching financial sanctions and export controls.

“We will target Russia’s financial institutions and key industries, and we will target those who are complicit and those who aid and abet this unprovoked invasion.”