Grant Shapps targets Russian aviation and shipping Business

Sean Doyle, the head of British Airways, said the closure of Russian airspace would have minimal impact on profits.

While airlines will burn more fuel avoiding Russia, they will save on its overflight fees, among the most expensive in the world. Most BA flights will not be affected.

The UK’s seizure of a private jet at Farnborough Airport on Wednesday marked the latest escalation between the transport ministries in London and Moscow.

Mr Shvidler founded oil trading company Runicom alongside Mr Abramovich in 1995 before taking control of oil giant Sibneft.

The seizure of the plane, believed to belong to Mr Shvidler, came just 24 hours before Mr Abramovich’s UK assets, including Chelsea football club, were frozen by the government.

The London-based oligarchs rushed to leave London after Mr Putin invaded Ukraine in the early hours of February 24. It is understood London City Airport thwarted attempts by a handful of Russians to fly out.

Meanwhile, Mr Putin’s oligarchs have also sought to flee Europe by sailing their yachts to countries where sanctions are not enforced.

Russia, meanwhile, released a bill last week allowing the Kremlin to take control of hundreds of foreign-owned commercial planes. The move risks triggering billions of pounds in insurance claims for policies underwritten by Lloyd’s of London companies.

Mr Shapps said: “We cannot sit idly by while Vladimir Putin tramples a sovereign and democratic country, devastating homes and hospitals. That is why the government has rolled out an unprecedented series of sanctions against Russia .

“I am doing everything in my power to cripple Russia’s aviation and shipping sectors. State airline Aeroflot has been banned from British airspace, along with all other detained aircraft , chartered or operated by Russia.At the same time, cargo ships and tankers have been denied access to our ports.

“And I go after the oligarchs who support Putin. If they dock their superyachts in the UK, we’ll seize them; if they land their private jets here, we’ll seize them.”