The federal treasurer insists economic sanctions are squeezing the Russian economy as its war against Ukraine continues for a second year.
Jim Chalmers says the Australian government will ensure sanctions are as robust as possible after a weekend meeting of G7 nations imposed a further tranche on Moscow.
They will also crack down on the evasion of sanctions through third nations.
"We need to tighten the screws on Vladimir Putin and his cronies who have engaged in this aggression against the people of Ukraine," Dr Chalmers told reporters in Canberra on Monday.
"In order to do that, we need to make sure they're as robust as possible."
Prime Minister Anthony Albanese said Australia continued to assess how it could aid Ukraine after President Volodymyr Zelenskiy attended the G7 meeting in Japan.
"We regard his struggle as a struggle on behalf of all those who support nation states continuing to exist within sovereign borders," the prime minister said in Japan on Sunday.
"We call upon, once again, Russia to withdraw, Russia to stop this.
