The UK will pay an economic price for imposing sanctions on Russia, Foreign Secretary Philip Hammond has said.
But he said the "pain" would be no worse than in other EU countries and would be worth it to curb "Russian aggression".
Details of the latest EU sanctions package will be announced later on Wednesday.
It is likely to include a new list of Russian oligarchs who are to face asset freezes and travel bans.
There will also be measures aimed at the the oil sector, defence equipment and sensitive technologies.
'Take a stand'The aim was to put pressure on Russian banks and industrialists - the "cronies around Mr Putin, who will feel the pain personally" - to make them "think very hard about the impact this is having on Russia's economy," said the foreign secretary.
Sanctions are already having significant costs on Russia, with its central bank spending tens of billions of dollars in order to defend the rouble, a senior state department official has told the BBC.
Mr Hammond told BBC Breakfast: "The sanctions package is is designed to hurt Russia more than it hurts us but it would be absurd to suggest that we can impose wide-ranging sanctions on the Russian economy without also having some impact on ourselves.
"So our discussions last week focused on a package which shares the burden fairly across the EU, making sure that the big economies share the pain.
"But if we are going to take a stand against Russian aggression, if we are going to insist on Russia behaving like a civilised nation in the modern world then we have to be prepared to pay the price for doing that."
He said the sanctions regime will "go on for as long as it needs to go on".
'Unavoidable'But he suggested that if Russia began to cooperate with the international community over the downing of the Malaysia Airlines jet that killed 298 people in eastern Ukraine - and ended support for Ukrainian rebels - then the EU could begin to "ratchet down" the sanctions.
He rejected suggestions Britain was likely to suffer most from sanctions, saying Russian banks only made up a small proportion of business in the City.
Russia has come under increased pressure after the downing of the Malaysia Airlines jet that killed 298 people in eastern Ukraine.
Western nations have said there is growing evidence that the plane was hit by a Russian-supplied missile fired by rebels. Russia has denied supplying heavy weapons to the rebels, and Russia and the rebels blame Ukrainian government forces.
US President Barack Obama has announced new economic sanctions against Russia, including banning people in the US from banking with three Russian banks.
German Chancellor Angela Merkel described the latest EU measures as "unavoidable".
Vladimir Chizhov, Russia's ambassador to the EU, told the BBC: "I am disappointed because the EU is slipping along the tracks that lead nowhere."
Last weekend, the EU subjected a further 15 Russian individuals and 18 entities to asset freezes and visa bans for their alleged involvement in the Ukraine conflict.
The list of 87 targets of EU sanctions now includes the heads of the Federal Security Service (FSB) and foreign intelligence, the president of Chechnya, as well as two Crimean energy firms.
However, UK company BP, which owns nearly 20% of Russian state oil giant Rosneft, has warned that further sanctions against Russia could "adversely impact" its performance.
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