New Russian sanctions could affect London

The government has admitted London could be hit by tough new sanctions against Russia following the crash of flight MH17. Britain, France and Germany have agreed to consider fresh sanctions at a meeting of EU foreign ministers on Tuesday. They're calling on President Putin to order separatists in eastern Ukraine to allow bodies to be recovered and returned home.

Foreign Secretary, Philip Hammond told BBC Radio "cronies" of Mr Putin could be targeted by sanctions. "We have been at the forefront of the demand for more robust sanctions...Of course we should be prepared to accept, as part of a comprehensive package of sanction pressure, measures that will have some impact on London as a financial centre, we have to accept that."