Australia will level punishing financial sanctions against eight Russian oligarchs within Russian President Vladimir Putin's circle, and 339 members of the Russian parliament, as Russia's invasion of Ukraine continues.
Foreign Minister Marise Payne said the oligarchs were mainly key banking figures who "have amassed great wealth through their positions of power".
Senator Payne said Australia also plans to join with the United States, United Kingdom and European Union in imposing sanctions on Mr Putin and Russian Foreign Minister Sergey Lavrov.
The government is seeking advice from the Department of Foreign Affairs and Trade on exactly how to do it, as sanctioning a world leader is a rare and serious move.
"It is an exceptional step to sanction leaders but this is an exceptional situation," she said.
"Vladimir Putin has unparalleled personal power over his country and he has chosen to go to war against a neighbour that posed no threat to Russia, because he wants to reverse history and take away the freedom and the democracy that the Ukranian people chose for themselves."
Senator Payne said key figures within the neighbouring Belarusian government would also be sanctioned over its part in assisting Russia's invasion.
But the Foreign Minister said that while expelling Russian diplomats from Australia remained a "live option", that was not yet a step she was prepared to take.
"It is not something that we are considering currently — [keeping the ambassador] enables us to have a direct line of communication with the Russian government," Senator Payne said.
SBS has also suspended its broadcasts of Russian news bulletins NTV Moscow and Russia Today, following feedback from the Russian-speaking community and a personal phone call from Communications Minister Paul Fletcher.
China responds to Morrison's claim it is aiding Russia
Overnight, China's foreign ministry responded to Prime Minister Scott Morrison's accusation that China had aided Russia by relaxing trade between the nations even as the international community imposed harsh economic sanctions.
Mr Morrison yesterday accused China of throwing Russia a "lifeline" by lifting all restrictions on Russian wheat and barley, helping to soften the impact of sanctions.
China's foreign ministry spokesman Wang Wenbin said Australia was spreading misinformation, as the deal was in fact agreed to earlier this month, before the invasion began.
"For some time, Australia has been spreading false information to smear and blame China out of the Cold War mentality and zero-sum thinking," he said.
"The [countries] that will see their reputation stained are those who interfere in others' internal affairs in the name of democracy and human rights, or wage wars around the world.
"Meanwhile, China and Russia carry out normal trade cooperation in the spirit of mutual respect, equality and reciprocity."
China has refrained from labelling the Russian attack an invasion, and has called for restraint on both sides to avoid an escalation of the conflict.
