The Foreign Secretary has suggested Tory donors could potentially be hit with sanctions if they have links to Vladimir Putin’s regime.

Liz Truss said she is ruling nothing out “in terms of who we target” over the Ukraine crisis, as she faced calls for her party to hand back donated cash with Russian connections reportedly worth nearly £2 million.

Speaking to BBC Breakfast on Wednesday, Ms Truss was presented with a photograph appearing to show her standing alongside Conservative Party donor Lubov Chernukhin, wife of Mr Putin’s former deputy finance minister Vladimir Chernukhin.

The picture, which was posted to Ms Truss’s Instagram page in April 2019, has the caption: “And it’s ladies night…#cabinetandfriends #girlpower.”

Asked if this shows the closeness of the UK Government to Russian money, she said: “What I can say to you today is that we will target anybody who we believe has links to the Putin regime, who is helping support and prop up the Putin government, and nothing is off the table in terms of who we target.”

Pressed on whether she was embarrassed by the photograph, she said: “No I’m not. I attended the dinner at the time.

“I make my decisions as Foreign Secretary on the basis of what is right and as I’ve said, without prejudice we will target anybody who is of interest in terms of the Russian regime, who is helping prop up Vladimir Putin’s appalling regime, and there are no other considerations as far as I am concerned.”

Ms Truss earlier insisted that all donations to the Conservative Party are from people on the electoral register and they are “properly declared”.

She told Sky News “nothing is off the table” when asked if any sanctions could potentially be imposed on Tory donors in the event of what she called a “full-scale invasion” of Ukraine.

“We are very clear that nothing is off the table in terms of who we’re targeting, in terms of the access of Russia to British financial institutions,” she said.

“We are maintaining our alliance with our international allies to make sure that we are targeting those key people who are backing and supporting Putin’s regime… I don’t rule out anything.”

According to Labour, donors who have made money from Russia or have alleged links to the Putin regime have given £1.93 million to either the Conservative Party or individual Tory associations since Boris Johnson took office in 2019.

Shadow foreign secretary David Lammy said Labour is concerned about “too much connection between Russian oligarchs” and donations to the Conservative Party, and called for the Tories to “hand back £2 million”.

Speaking on BBC Radio 4’s Today programme, Mr Lammy said: “Our concerns are, I’m afraid, that there has been too much connection between Russian oligarchs and donations to the Conservative Party.

“But we’ve said this. We think that they should hand back £2 million.

“Frankly, it’s not clear entirely what’s going on. I mean, I just think this was a moment when Britain had to step up and demonstrate certain kinds of seriousness. It hasn’t happened.”

Asked if any Russian-linked money donated to the Conservative Party since Mr Johnson took office should be given back, Ms Truss told Sky News: “All donations to the Conservative Party are from people on the electoral register in Britain, those donations are properly declared.

“What we’re talking about here… is people, the oligarchs that we’re targeting in today’s sanctions, those are people closely linked to Vladimir Putin’s regime.

“Now, there are many people who have moved to Russia from Britain who are not necessarily friends of Vladimir Putin and who have become British citizens. That is a completely different matter from people who are close to Vladimir Putin who are backing his appalling regime.”

The Liberal Democrats have said the Tories should hand cash from Russian-linked donors to civil society groups in Ukraine.

The party said the money could help support independent media in the country and counter Russian disinformation.

Foreign affairs spokeswoman Layla Moran said: “Boris Johnson should use the almost £2 million of Russian-linked donations received by the Conservative Party to support the people of Ukraine.

“This would send a powerful signal to Putin that the Conservatives are serious about no longer allowing themselves to be bankrolled by Russian money.

“It would also provide vital support to Ukrainians on the ground facing the threat of invasion and a sustained campaign of Russian disinformation.

“Europe is taking steps to wean itself off Russian gas, but so far Boris Johnson is failing to wean the Tory party off Russian money. It’s time for the Conservatives to put their money where their mouth is.”