Hendrik du Toit, one of the City’s longest-serving fund management chief executives, has warned that “weaponising finance” to punish Russia for its invasion of Ukraine could prove an “expensive decision” — one that could eventually give rise to a more fragmented financial system.

Du Toit, who is CEO of Ninety One, said while it was right that the Kremlin was feeling pressure from the West to stop its brutal war in Ukraine, measures designed to cripple Russia financially could have far reaching economic consequences in the longer term.