The Australian government on Monday unveiled further sanctions against Russian oil and gas, financial and defense sectors, bringing Canberra in line with the European Union.
Under the new sanctions there will be no new arms exports and no new exports for the oil and gas industry, Prime Minister Tony Abbott told the Australian parliament.
In addition, Russian state-run banks are not allowed new access to Australian capital markets and there will be no new trade and investment in Crimea.
"I want to make it absolutely clear that the bullying of smaller nations by big ones, and the assertion that might is right should have no place in our world," Abbott said.
The fresh sanctions will affect a further 63 Russian and Ukrainian individuals and 21 organizations and businesses, bringing the total to 113 individuals and 32 entities that have now been targeted directly by Australian measures.
In August Russia retaliated, imposing a one-year food embargo on the countries that have sanctioned Russia, including Australia. The bilateral trade between both countries was estimated at around $1.8 billion in 2013, the Guardian cited the Australian Department of Foreign Affairs and Trade.