Oleg Deripaska and Viktor Vekselberg are named in a new sanctions instrument alongside nine Russian banks and a sovereign wealth fund and the entire Russian finance ministry.
Australia has also joined a United States-led taskforce targeting Russian elites, proxies and oligarchs.
The taskforce, which also includes the United Kingdom, Japan and European countries, will collect and share information so steps can be taken to freeze and seize assets and launch criminal prosecutions.
The new sanctions follow Russia's invasion of Ukraine last month, which has been condemned by western governments.
Prime Minister Scott Morrison is soon expected to announce Australia will send more aid to Ukraine after flagging a second support package was imminent.
Mr Morrison spoke to Ukrainian Prime Minister Denys Shmyhal on Wednesday.
Meanwhile, Russia has rejected reports it bombed a theatre in the besieged Ukrainian city of Mariupol where civilians were sheltering.
Mariupol has suffered the worst humanitarian catastrophe of the war, with hundreds of thousands of civilians trapped in basements with no food, water or power as Russian forces pound it with artillery fire and airstrikes.
with Reuters
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