The UK Transport secretary, Grant Shapps, said that he “had banned all ships with ANY Russian connection whatsoever.” The new legislation will ban the Russian state from raising debt in the UK, and around three million Russian companies will be prevented from accessing UK capital markets.

There will also be an export ban imposed across a number of key sectors including microelectronics, marine and navigation equipment.

Mr Shapps urged British ports to deny access to boats believed to be registered, owned, controlled, chartered or operated by “any person connected with Russia.”

Shapps’s letter comes as a Russian-owned vessel was due to dock in Orkney, Scotland, on Tuesday.

It was unclear if the tanker, NS Champion, would dock as planned as it belongs to shipping company Sovcomflot, which is majority-owned by the Russian state.

Nicola Sturgeon, the first minister of Scotland, responded to the announcement, tweeting: “This is good. I had a constructive conversation with Grant Shapps y’day evening in light of the planned docking of a Russian vessel in Orkney, and I welcome this step while legislation for longer term takes effect.”

Mr Shapps said “Britain’s maritime sector is fundamental to international trade and we must play our part in restricting Russia’s economic interests and holding the Russian government to account.

“In these circumstances, the Department for Transport does not consider it appropriate for Russian vessels to enter UK ports.”

He said that officials will help support UK ports in identifying Russian ships and will give them advanced notice when they are coming into port.

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Ms Truss said she would legislate to introduce new powers to prevent Russian banks from clearing payments in sterling, measures which will be applied to Russia’s largest bank, Sberbank.

There will be a full asset freeze on three additional Russian banks.