Australia has imposed fresh sanctions against Russia and the country's entities as well as an export ban on machinery and related parts.
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The new financial sanctions target 21 entities including subsidiaries of the state-owned atomic energy corporation Rosatom, which took over a Ukrainian nuclear power plant.
Russia's largest petroleum and gold companies Rosneft and Polyus along with steel company Severstal have been hit with the sanctions, as well as defence companies supporting the war and five of the nation's banks.
Three individuals have been targeted including the head of the federal financial monitoring service and two Rosatom board members who double as aides and advisers for President Vladimir Putin.
An export ban has been placed on all machinery and related parts to Russia and areas under Russian control to prevent Australian goods from aiding its invasion of Ukraine.
The new wave of sanctions form part of a co-ordinated effort from G7 nations and their partners as world leaders gather in Japan for a three-day summit.
Foreign Minister Penny Wong said the tranche targets sectors of economic and strategic importance to Russia.
"This includes the financial, energy, defence and metals sectors that aid and sustain Russia's war in Ukraine," she said.
"Russia cannot be allowed to infringe upon another country's sovereignty and territorial integrity."
Upon arriving in Japan for the G7, Prime Minister Anthony Albanese said Australia stood by Ukraine's unwavering resilience and courage and again called on Russia to end the war.
He said Australia would continue to provide support to Ukraine, adding "the struggle of the Ukrainian people is a struggle for the international rule of law".
"The people of Ukraine are making enormous sacrifices in order to preserve their nation-state, their democracy and it's important that the world stand with Ukraine," he said.
"Will continue to liaise with them about what further support we can give."
He said discussions with G7 nations and partners would also address the wider impacts of Russia's invasion, including food and energy security.
Australian Associated Press
