Australia will escalate its sanctions against Russia, with the government barring arms exports to the country and denying Russian state-owned banks new access to the Australian capital market.
Tony Abbott told parliament on Monday that Australia would follow the European Union in adopting tougher sanctions against Russia, accusing Moscow of 'deliberately and now openly violating Ukrainian sovereignty'.
The new sanctions will ban arms exports to Russia, bar Russian state-owned banks from further access to the Australian capital market and rule out oil and gas exports to the country.
Abbott added there would be no new Australian trade or investment in the Crimean peninsula, the area Russia annexed in March, as well as 'further targeted financial sanctions and travel bans against specific individuals'.
These bans will affect a further 63 Russian and Ukrainian individuals and 21 organisations and businesses. A total of 113 individuals and 32 entities have now been targeted directly by Australian sanctions.
Australia already has sanctions in place against Russia, which retaliated with a 'full embargo' on all Australian food exports in August. Two-way trade between Australia and Russia was worth nearly $1.8 billion in 2013, according to the department of foreign affairs and trade.
On Sunday, European Union leaders told Russia that it had a week to reverse its apparent incursion into Ukraine or face fresh sanctions.
According to Nato, Russia has sent at least 1,000 troops to support insurgents battling Ukrainian government forces in eastern Ukraine. It estimates that about 20,000 Russian troops have amassed near the Russia-Ukraine border, raising fears of a direct confrontation between the countries.
Abbott said Australia's new sanctions had been co-ordinated with the US, Canada and Europe, warning that further sanctions may follow.
The prime minister again blamed Russian-backed rebels for shooting down the Malaysian Airlines flight MH17 in July, resulting in 38 Australian deaths.
'Russia started it and Russia must take responsibility for this loss of life,' Abbott told parliament.
'And now, Madam Speaker, Russia quite brazenly is trying to break the eastern Ukraine away from Ukraine itself into a separate country.
'If Russia persists in its attempt to break up a neighbouring country that has done it no harm, it risks becoming an international pariah.'
He added that 'the bullying of small nations by big ones and assertions that might is right should have no place in our world'.
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