Prime Minister Tony Abbott told parliament on Monday that Russia was "deliberately and openly" violating Ukrainian sovereignty by moving at least 1000 troops and military vehicles into the country.
"Australia will lift its sanctions against Russia to the level of the European Union," Mr Abbott said.
This includes no new arms exports, no access by Russian state-owned banks to the Australian capital market, no new exports for the oil and gas industry, no new trade or investment in the Crimea and targeted financial sanctions and travel bans against specific individuals.
"The bullying of small nations by big ones and assertions that might is right should have no place in our world," Mr Abbott said.
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