Foreign Minister Marise Payne has announced fresh sanctions on Russian oligarchs in response to the invasion of Ukraine.
"There is very strong agreement and determination to ensure that Russia faces a high cost for what is a completely unprovoked and unjustified attack on its neighbour," Ms Payne said during a press conference on Saturday.
"Last night, Minister Birmingham as acting foreign minister signed the necessary instruments to put financial sanctions on eight Russian oligarchs who are close to President Putin and who deserve to bear the economic punishment and cost for Russia's destructive behaviour."
She also said there will be sanctions placed on 339 members of the Russian Duma, who are the "political facilitators of this action".
"We will today take steps to sanction key figures in the Belarusian government who are allied with Russia and who are abetting the invasion," she said.
"The next immediate priority is to continue sanctions on Vladimir Putin's inner circle and on Russia's defence industry."
Ms Payne also said the UK the EU and Canada have announced they will sanction Mr Putin himself and Russia's foreign minister and is seeking advice from the Department of Foreign Affairs and Trade to enable Australia to take similar steps.
