"The truth is actually that I think the effect of some of those sanctions, particularly on some individuals, has been very marked and I’ve noted that, but we have our own systems and our own approach and we have to do it in accordance with the law and accordance with the evidence," Johnson told reporters on Monday, as quoted by the Guardian newspaper.
The parliamentary committee suggested that London was being used as a "base for the corrupt assets of Kremlin-connected individuals." Kremlin spokesman Dmitry Peskov has decried the panel's report as rooted in Russophobia and provoking unfair competition.
On Monday, UK House of Commons’ Foreign Affairs Committee urged the government to toughen the sanctions on Russia.
Johnson has traveled to Buenos Aires for a Monday meeting of G20 foreign ministers. Meanwhile, Russian Foreign Minister Sergey Lavrov has canceled his visit to Argentina, citing activities linked to the work of the newly-formed Russian government as the reason.
Russia has faced several rounds of sanctions from the United States, the European Union and their allies. The latest round of US sanctions announced in April targeted prominent Russian businessmen and companies.