Australia will fund the supply of weapons to Ukraine, and sanctions will be imposed on Vladimir Putin and his foreign minister, as the Morrison government ratchets up its response to Russia's invasion.
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The government's decision to shift position and assist with so-called "lethal aid" came after the US and European nations - including Germany - committed to sending weapons to help Ukraine.
Prime Minister Scott Morrison on Sunday declared "nothing is off the table" in terms of the penalties which could be levelled at Russia, including expelling their diplomats from Australian shores and banning all trade with the nation.
"Russia must pay a heavy price, they must pay a heavy price. And we will continue to add to that price as we consider every single option that is in front of us" he said.
As Ukrainian forces continue to resist Russia's advances, western allies have launched another wave of financial sanctions aimed at crippling the Russian economy and architects of the invasion.
In a major development, the European Commission on Sunday announced plans to expel some Russian banks from the SWIFT international payment system, seen as among the most extreme sanctions that could be taken against Russia.
The bans will make it harder for Russian individuals and Russian companies to make international payments.
The move, which the United States, France, Canada, Italy, Great Britain agreed to, was part of a wider package of financial sanctions which includes measures to prevent Russia's Central Bank from using international reserves to undermine the penalties.
Speaking outside a church vigil for Ukraine in western Sydney, Mr Morrison revealed an escalation in Australia's response to the Russian invasion.
Having already offered medical supplies and other equipment, the federal government will provide an undisclosed amount of funding to NATO to help with the supply of weapons to Ukraine.
Mr Morrison said Australia would work closely with the US and UK.
"They are already providing support in these areas, and we will be assisting them with what they are doing," he said.
Mr Morrison confirmed Mr Putin and Russia's foreign minister, Sergey Lavrov, would be added to the list of individuals subject to Australian-imposed sanctions.
More than 300 members Russia's parliament who voted to authorise the military action, as well as Russian oligarchs of "strategic significance", are already on the list announced under the first wave of sanctions following last week's invasion.
Earlier on Sunday, the opposition's foreign affairs spokeswoman, Penny Wong, said Labor would offer bipartisan support for further sanctions against Russia. That could include support for severing all trade with the country - provided such a drastic move could be justified.
"I've said we will give bipartisan support to the most comprehensive and heaviest sanctions that Australia can and should take, so I extend that invitation to the government again," she told ABC's Insiders program.
Asked if the government would consider banning trade with Russia, Mr Morrison said: "We're considering every option and we've been stepping up every single day".
The Greens on Sunday called on the government to boycott Russian oil to hit Mr Putin "where it hurts".
Russia has exported more than $4.3 billion worth of crude oil to Australia over the past decade, including $86 million last financial year, according to parliamentary library research referenced by the Greens.
That makes up about 1 per cent of of Australia's crude oil imports.
"By buying Russian oil, countries like Australia are helping fund the invasion. We need to get serious about sanctions," Greens leader Adam Bandt said.
"While Australia's Russian oil imports are small, a boycott of Russian oil and gas could start the ball rolling for the rest of the world."
Mr Morrison said the fast tracking of Ukrainian visa applications to Australia had been completed.
While saying it was too early to know how many refugees Australia might accept as result of the conflict, Mr Morrison signaled that Ukrainians would be prioritised through various visa pathways, including humanitarian and skills visas.
Meanwhile on Sunday (Australian time), a defiant Ukrainian President Volodymyr Zelenskiy declared his nation's forces were repelling Russian troops advancing on the captital Kyiv.
In an "intelligence update" posted on social media on Sunday morning, the UK Ministry of Defence said Russian forces were not making the progress they had planned and were suffering from "logistical challenges" and strong Ukrainian resistance.