The new financial sanctions target 21 entities including subsidiaries of the state-owned atomic energy corporation Rosatom, the Russian entity which took over a Ukrainian nuclear power plant, the nation's largest petroleum and gold companies Rosneft and Polyus and steel company Severstal.
Defence companies supporting the war and five Russian banks have also been hit with fresh sanctions.
Three individuals have been targeted, including the head of the federal financial monitoring service and two Rosatom board members who double as aides and advisers for President Vladimir Putin.
There is also an export ban on all machinery and related parts to Russia and areas under Russian control to prevent Australian goods from aiding its invasion of Ukraine.
The new wave of sanctions form part of a co-ordinated effort from G7 nations and their partners as world leaders gather in Japan for a three-day summit.
Foreign Minister Penny Wong said the tranche targets sectors of economic and strategic importance to Russia.
"This includes the financial, energy, defence and metals sectors that aid and sustain Russia's war in Ukraine," she said.
"Russia cannot be allowed to infringe upon another country's sovereignty and territorial integrity."
Prime Minister Anthony Albanese said Australia stood by Ukraine's unwavering resilience and courage and again called on Russia to end the war.
"We will continue to work with the G7 and international partners to address the global impacts of Russia's invasion," he said.
"This includes food and energy insecurity, which is a significant concern for our own region."
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