Mr Morrison acknowledged the sanctions would likely not lead to Russia pulling back from a full-blown invasion of Ukraine.
“I would hope so, but I don’t expect so,” he said.
“The reason we’re doing this is there must be a price for the unprovoked, unlawful, unwarranted, unjustified attacks and threats and intimidation that has been imposed by Russia on Ukraine.”
The time lag in Australia’s just-announced new sanction powers, which will take effect at the end of March, will allow Australian companies and individuals time to make alternative arrangements, Mr Morrison said, if they have dealings with sanctioned Russian businesses or people.
Australia is working closely with the United States and the United Kingdom to execute sanctions.