British Prime Minister David Cameron has said that excluding Russia from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network is an option, if there is further incursion by Russian-backed separatists and Russian forces into Ukraine.

"I would hope that the European Union collectively would respond very robustly with new sanctions, including so-called 'tier three' sanctions, really hitting the economy of Russia," Cameron told a committee of lawmakers in parliament on Tuesday.

"But were that not possible then, of course, we should look at other avenues as well – obviously looking at the SWIFT banking issues is a big decision but there is a logic for it," he said.