The Russian ambassador to Britain, Alexander Yakovenko, has called Western sanctions against Moscow "illegal, unreasonable and counterproductive".

The US and the European Union have imposed several rounds of sanctions on Russian businesses and individuals over Ukraine. The new EU sanctions to block Russia's "access to capital markets",, dominated by Britain's banking sector, will target business worth up to £6billion a year in bonds issued by Russian state-owned banks and financial institutions in European markets.

Some Western states are now pondering whether to impose further sanctions that would affect whole sectors of the Russian economy after the downing of a Malaysian airliner in eastern Ukraine - a territory controlled by pro-Russian rebels - killing all 298 people on board.

But Yakovenko slammed the West by saying he "doesn't like sanctions" during a press conference at the Russian embassy in London.