Australia has used a G20 meeting to urge Russia to de-escalate the situation regarding Ukraine.
Treasurer Josh Frydenberg told a meeting of G20 finance ministers in Jakarta on Thursday the current tensions surrounding Ukraine were "deeply concerning".
"We call upon Russia to de-escalate the situation, for the alternative would be disastrous in human and economic terms," he said.
"It is in our collective interest that these tensions are resolved peacefully."
Prime Minister Scott Morrison told parliament on Wednesday reports of a troop pullback by Russia were "unconvincing and unconfirmed".
He urged Russia to unconditionally withdraw and an attack on Ukraine would be met with "overwhelming international condemnation".
Mr Morrison discussed the situation with his British counterpart Boris Johnson in a video meeting on Thursday.
"They agreed the need for de-escalation and underscored that any further Russian incursion in Ukraine would be a massive strategic mistake and have stark humanitarian cost," said a statement issued after the meeting.
