The newly sanctioned firms include defence-related entities like transportation company Kamaz and naval firms SEVMASH and United Shipbuilding Corporation.

Electronic component company Ruselectronics – responsible for the production of around 80 per cent of all Russian electronics components – and global transportation giant Russian Railways have also been targeted.

“Our targeting of Russia’s state-owned enterprises in coordination with key partners undermines their capacity to boost the Russian economy,” Minister for Foreign Affairs Marise Payne said.

“By preventing dealings with these important sources of revenue for the Russian government, we are increasing the pressure on Russia and undercutting its ability to continue funding Putin’s war.

“The Australian government reiterates our unwavering support for Ukraine’s sovereignty and territorial integrity, and for the people of Ukraine.”

These latest firms join a host of other government-backed companies and financial institutions to be targeted since Russia launched its invasion.

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Last month, the Russian National Wealth Fund and the Russian Ministry of Finance were added to the list.

These firms, along with the previously sanctioned Central Bank of Russia, are responsible for issuing and managing sovereign debt.

In addition to sanctioning Russia, Australia has sent both lethal and non-lethal aid to Ukraine.

Earlier this month, a $26.5 million package of anti-armour weapons and ammunition was pledged by Prime Minister Scott Morrison.

This took the combined value of military assistance from Australia to approximately $191.5 million. 

The announcement came just hours after the Prime Minister confirmed Australia would gift Ukraine 20 Thales-built Bushmasters, including two ambulance variants

Ukrainian President Volodymyr Zelenskyy had requested the locally-built armoured personnel carriers during his remote address to a joint sitting of federal parliament on Thursday, 31 March.

[Related: PM pledges anti-armour weapons, ammunition for Ukraine]