Individuals and firms deemed to be “assisting” Russian president Vladimir Putin in his war against Ukraine could face financial damage as a result of being named by the UK Government.

Downing Street said Britons should “think very carefully” about holding relations with those who are due to feature on a forthcoming list of people deemed to have Kremlin links.

It comes after the Prime Minister told MPs that a “full list of all those associated” with Mr Putin’s regime will be published, as he looked to heap further pressure on oligarchs with UK investments to “disassociate themselves from this barbaric invasion”.

No 10 said the public could expect a “significant proportion” of those who will feature to be sanctioned as part of punitive measures after Moscow’s advance on Kyiv.

The Prime Minister’s official spokesman, asked whether the list would serve as a warning not to do business with those named, said: “It may well have that effect.”

The Downing Street official said it was “in the interest of transparency” to put the list – which is still being finalised – into the public domain so that Britons “can see where we believe there are individuals who are benefiting from the Putin regime”.

He told reporters: “I think what we are trying to do across the board, whether it is with businesses or oligarchs or in the cultural sector as well, is to make clear that, even where we are not taking legislative action, people should think very carefully about how they engage with any organisations that may be assisting Putin – even inadvertently – in the attack and invasion of Ukraine.”

Separately, the Prime Minister’s press secretary confirmed the Conservative Party would take No 10’s advice on board regarding those who are publicly said to have associations with Mr Putin.

Asked whether the Tories would return any money if a party donor appeared on the published list, the press secretary called it a “hypothetical question” and said there were checks in place on donations made to UK political parties.

Labour said that anyone on the Government’s list of “enablers” of the Russian president should be considered “beyond the pale”.

But a party spokesman said its view would be affected by “what the criterion is for the Government to put people on that list”.