Russian individuals complicit in the corruption uncovered by Sergei Magnitsky will be the first to be targeted under Australia's sanctions act which bears the whistleblower's name.
Fourteen Russians responsible for serious corruption and a further 25 Russians who aided and abetted Mr Magnitsky's abuse and death will face asset freezes and travel bans in the first tranche of sanctions under the act.
who died in a Moscow jail after accusing Russian officials of tax fraud - allow the government to target individuals who perpetrate human rights abuses and conduct egregious acts of international concern.
Foreign Minister Marise Payne says the targeted sanctions will ban the abusers from using Australia as a safe haven after being locked out of like-minded countries and their financial systems.
"Mr Magnitsky's case inspired an international movement of sanctions laws to hold those responsible for his death to account, and to enable sanctions to be applied to other perpetrators of serious human rights violations and abuses, wherever they occur in the world," Senator Payne said.
"This is the first of what will be ongoing sanctions using the Magnitsky-style reforms we passed in December."
Prime Minister Scott Minister labelled Russia's invasion of Ukraine as "abominable, unlawful, and unprovoked".
"We condemn Russia's abhorrent actions in the strongest, strongest possible terms and those of their leader President Putin," Mr Morrison said.
"We're doing all in our power to ensure that Putin's Russia pays the highest possible price for their illegal invasion."
Mr Morrison said Australia had already provided $65 million in urgent assistance.
Opposition Leader Anthony Albanese said Russia's attempt to "divide" western nations had only served to bring them closer together.
"Vladimir Putin must pay a heavy price for what he has done, in his attempt to so violently subdue Ukraine," Mr Albanese said.
"He is turning Russia into an international pariah and robbing his own people of their rightful future."
Senator Payne said on Tuesday the "catastrophic humanitarian toll" was rising in Ukraine following Russia's "egregious" invasion last month.
When asked by Jacqui Lambie in question time if Mr Putin was a war criminal, Senator Payne agreed the targeting of civilians "indicate criminal behaviour" but stopped short of using the label on him.
"The Australian government has taken the strongest possible approach to our sanctions listing," she responded.
Senator Payne said the government had listed more than 500 people and entities, including Mr Putin and his most senior advisors.
Senator Lambie questioned whether the minister had the courage to call the Russian president "what he is".
