There is no guarantee sanctioned oligarch Roman Abramovich can return to the UK – and more sanctions will be imposed, the foreign secretary said.

Chelsea FC owner Mr Abramovich was in Israel, where he has citizenship, and flew to Moscow via Istanbul on Tuesday after he was sanctioned by the UK last week.

Liz Truss told Sky News’ Kay Burley oligarchs have been sanctioned because of Russia’s invasion and Vladimir Putin needs to withdraw his troops from Ukraine and end his threats towards the country.

Russia suggests ‘Austria-like’ compromise could end conflict – Ukraine latest

Asked if that meant Mr Abramovich could return to the UK once Russian troops had withdrawn, she said: “No, I haven’t said that.

“Because I’m saying even if the war was to end – and I fear we are not near the end, at this stage – huge devastation has been caused, lives have been lost as a result of this war.

“And there will need to be a reckoning with all the people who supported Putin, including Abramovich.”

The foreign secretary added it was important to work “with our allies across the G7 and beyond” because many oligarchs have fled the UK and other countries, and moved their superyachts and private jets.

“So there simply is nowhere for these oligarchs to hide, there is nowhere it is legitimate for them to live their lifestyles, have their yachts or have their planes,” she said.

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Ms Truss also said sanctions are working to cut off those “funding the Russian war machine” but more needs to be done as she confirmed the UK would be imposing further sanctions on individuals and companies.

Ms Truss warned: “There will be more sanctions to come.”

She said the UK and allies such as the US have cut some Russian banks from the SWIFT messaging system but added: “We want to see a full SWIFT freeze.”

Ms Truss called on the EU to sanction more Russian banks as it has only sanctioned three while the UK and US have sanctioned 10.

She added: “We want to see a complete elimination of dependency on Russian oil and gas.”

On Tuesday, the UK banned luxury goods exports to Russia and placed a 35 percentage point rise on import tariffs on key Russian products such as vodka, metals, cereals and other commodities.

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The UK also placed sanctions on 370 more Russian and Belarusian individuals and entities on Tuesday, bringing the total sanctioned since the invasion of Ukraine to more than 1,000.

Russian oil imports will also by halted by the end of 2022, the UK government said last week.

Prime Minister Boris Johnson is in the UAE today before he travels to Saudi Arabia to persuade their leaders to boost their own production of oil and gas.

He said that would allow the West to wean itself off Russian supplies and therefore deal a further financial blow to Moscow.

Speaking at the Emirates Palace hotel in Abu Dhabi on Wednesday morning, the PM said: “When we look at the dependency the West, in particular, has built up on Putin’s hydrocarbons, on Putin’s oil and gas, we can see what a mistake that was because he’s been able to blackmail the West and hold Western economies to ransom – we need independence.”