In light of the announcement that Theresa May is due to meet with Russian President Vladimir Putin to discuss greater cooperation and the rebuilding of UK-Russian relations, the Bow Group’s report assessing the effect of sanctions against Russia argued that the estimated financial costs of sanctions to the West could exceed $700 billion, and that such a vast sum would be better spent in strengthening both domestic and NATO militaries so as to deter expansionism.

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Vladimir Putin and Theresa May have spoken for the first time since she took office and both expressed dissatisfaction with the current state of Russian-British relations.

The announcement by the Kremlin could herald the start of improved relations between the two countries that have been strained since the 2006 poisoning death of ex-Russian spy Alexander Litvinenko and the Ukraine crisis, among other issues.

In the phone call, which Moscow said was initiated by Britain, both leaders “expressed dissatisfaction with the current parameters of cooperation in both the political and economic sphere”.

The Kremlin said Mr Putin and Mrs May agreed to develop a dialogue between security agencies on issues related to aviation security, and made plans for a face-to-face meeting in the “near future”.

The statement noted that Mrs May confirmed Britain’s intention to participate in ceremonies marking the 75th anniversary of the arrival of the first British Second World War convoy in the Russian city Arkhangelsk this month.

A Downing Street spokesman confirmed that Mrs May spoke on the phone with the Russian president.

The pair are likely to first meet at the G20 summit of world leaders in China next month.