Australian Prime Minister Scott Morrison announced additional sanctions against Russia amid escalating tensions with Ukraine on Wednesday and warned businesses to prepare for retaliation through Russian cyberattacks.

"The sanctions will impose strong economic sanctions in the regions of Luhansk and Donetsk, targeting the following sectors transport, energy, telecommunications, oil, gas and mineral reserves," Morrison confirmed.

The PM also told reporters in Sydney that immediate sanctions will be imposed on Russian individuals in response to Russia's actions in Ukraine.

"We will impose travel bans and targeted financial sanctions on eight members of the Security Council of the Russian Federation," he said.

Morrison then listed the banking institutions which would now face sanctions from Australia.

The response, Morrison said, is to Russia's recognition of the Luhansk and Donetsk regions of eastern Ukraine as independent states.

Putin has denied Russia intends to invade Ukraine.

"Australians always stand up to bullies and we will be standing up to Russia along with all of our partners," he said.

"This invasion is unjustified, it's unwarranted, it's unprovoked and it's unacceptable," he added.

Morrison also confirmed that Australia would act in unison with other countries, especially the U.S. and UK.

"Our intention today and the decisions taken by the National Security Committee are to ensure that we are in lock-step with the United States and the United Kingdom in the sanctions that they are imposing upon Russia and these other areas."

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