Alfa-Bank is one of six banks included on the latest sanctions outlined by UK Foreign Secretary Liz Truss.

The UK Government said the latest 65 sanctions target strategic industries, banks and business elites, with over 1,000 individuals and businesses claimed to have been sanctioned since the invasion began.

Alfa-Bank was cited as being one of the largest private banks in Russia.

The bank was revealed as the first ever "Regional Supporter" for the 2018 FIFA World Cup back in 2016, taking the position for Europe.

The announcement at the time had been billed as an "important milestone" in FIFA's commercial strategy.

Oleg Tinkov, the founder of the Tinkoff Bank, has also been included in the UK sanctions list.

The UK Government said Tinkov's net worth is reported as an estimated £3.4 billion ($4.4 billion/€4 billion).

Tinkov was a notable figure in cycling for a period, with the Tinkoff Bank having begun sponsorship of a men’s International Cycling Union (UCI) WorldTour team in 2012.

Tinkov officially bought the team in 2013, with the Russian a year later announcing an offer to top riders €1 million (£830,000/$1.1 million) to compete in all three Grand Tour events in 2015.

The team ended in 2016 with Tinkov having expressed disappointment in the sport’s business model.

The TCS Group Holding PLC, the parent company of Tinkoff Bank, has said Tinkov holds no decision-making position anywhere within the group.

"These sanctions affect Mr. Tinkov in his personal capacity," a statement read.

"For a significant period of time, Mr. Tinkov has not been a majority or controlling shareholder of TCS Group or any of its operating companies, does not exert influence on the business, and holds no decision-making position anywhere within the group.

"These sanctions in no way affect TCS Group and its operating companies, which continue uninterrupted and unaffected.

"The group will keep the market informed should there be more information on this topic."

The sanctions include an asset freeze, a prohibition on transactions with UK individuals and businesses, and a ban on travel imposed as part of the Government's measures.

"These oligarchs, businesses and hired thugs are complicit in the murder of innocent civilians and it is right that they pay the price.

"Putin should be under no illusions - we are united with our allies and will keep tightening the screw on the Russian economy to help ensure he fails in Ukraine.

"There will be no let-up.

"All those sanctioned today will have their assets in the UK frozen which means no UK citizen or company can do business with them, and individuals subject to travel bans are also prohibited from travelling to or from the UK.

"Today’s sanctions will bring the total global asset value of the banks the UK has sanctioned since the invasion to £500 billion ($658 billion/€600 billion) and the net worth of the oligarchs and family members in excess of £150 billion ($197 billion/€180 billion).

"The provisions brought in by the Economic Crime Act have streamlined the previous legislation so the UK can respond even more swiftly and effectively to the current crisis.

"The Government will continue to tighten the screw and use sanctions to degrade the Russian economy on a scale that the Kremlin, or any major economy, has never seen before."

Chelsea football club owner Roman Abramovich has been among the notable names involved in sport to have been included in sanctions to date.

The billionaire has owned Chelsea since 2003, but put the London-based club up for sale at the start of the month.

Sanctions have hampered his ability to sell the club, with the process being overseen by the country's Government, the Premier League and New York-based Raine Group.

Eugene Markovich Shvidler, a billionaire businessman with close business links to Roman Abramovich, was among the latest sanctions introduced by the UK Government today.