Immigration Minister Alex Hawke says the federal government is considering visa options for Ukrainians seeking asylum, after talks with members of the Ukrainian Australian community.
"Australia has been working with the Ukrainian Australian community to be ready to offer anyone here on temporary visas asylum, if needed," he said.
"[We are ready] to work with our partners internationally on what movements might happen across borders."
He said more visa announcements could be made if the situation between Russia and Ukraine worsens.
The White House repeated on Sunday the belief of US authorities that a military operation by Russia on Ukraine could happen "at any time".
The Kremlin insists there is no plan to attack, although Russian state media continues to stoke tensions, accusing Kyiv of plotting an assault on the two pro-Russia regions of Donetsk and Luhansk in eastern Ukraine.
Peaceful resolution can be achieved: Consul of Ukraine
Earlier, Mr Hawke and Labor MP Jason Clare addressed those gathered at a rally of Ukrainian Australians in Sydney.
Ukrainian Australians also held rallies in Melbourne and Adelaide, urging a "stop to Russian aggression in Ukraine".
Mr Clare told the crowd in Sydney that there would be a bipartisan approach to stopping the prospect of war in Ukraine.
"This is a dark and dangerous moment, but it is not too late for Russia to back off," he said outside St Andrew's Ukrainian Catholic Church in Lidcombe in western Sydney.
"Vladimir Putin must understand that it is not in the interest of the Russian people to continue down this path."
"And it is of course critical that bipartisanship be maintained on challenges to national security that affect us all and go beyond domestic politics."
Consul of Ukraine in Sydney Jaroslav Duma said he and many others are hoping for peace.
"This could be a war like no other. No previous conflict on a world stage could be so destructive to the relative stability of Europe and create such disharmony not even seen during the devastation of World War Two."
He said Ukraine had strengthened its military since the 2014 Russo-Ukrainian War, but a diplomatic solution must be found.
"There needs to be a peaceful resolution. And with the continued support and resolve of the global powers - and the international community - this can be achieved.
"We should not just talk of sanctions. We need actions on real sanctions, real deeds such as the removal of access to the SWIFT banking system."
Such a move would could cut Russia off from most international financial transactions.
Package of financial sanctions prepared
Foreign Minister Marise Payne is due to meet with her Ukraine counterpart on Monday. Australian officials were also present at this weekend's Munich security conference where sanctions against Ukraine were discussed.
Attending the Munich conference, EU Commission chief Ursula von der Leyen confirmed the EU, US, UK and Canada are co-ordinating on a "robust and comprehensive package" of possible financial sanctions against Russia.
"In case that Russia strikes, we will limit the access to financial markets for the Russian economy and (impose) export controls that will stop the possibility for Russia to modernise and diversify its economy."
British Prime Minister Boris Johnson says the restrictions would extend to "the ultimate beneficiaries" of Russian-owned companies and entities.
Prime Minister Scott Morrison said Australia would not hesitate to enforce sanctions should Russia invade Ukraine.
"We will follow through with sanctions together and in partnership with all of our other allies and partners," he said on Sunday.
He has ruled out the involvement of Australian troops on the ground in Ukraine.
"There are many ways we can work with both our partners and allies, and can work directly to support Ukraine in the work they’re doing – whether it be in the cyberspace area, with planning and various other elements."
Independent Senator Rex Patrick says Western countries should not wait for Russian to attack Ukraine before implementing sanctions.
"Russia’s brazen military threats against Ukraine are already more than enough justification for Australia to take sanctions action without delay."
Ukrainian Australians scared and worried for loved ones
For Ukrainian Australian Julie Semeniuk, there have been a lot of sleepless nights over the past weeks as she worries about her parents and brothers in Ukraine.
On Ukrainian government advice, the relatives have their identity documents, money and emergency food bag ready to go "so they can flee at any time".
"I think we all have anxiety here. We check our news everyday. Sometimes you wake up in the middle of the night just to read what is happening, just to make sure everyone is safe," she told SBS News.
Nadia Mencinsky says she has also been losing sleep for her family in Ukraine, including for her 26-year-old daughter who has followed the Australian government advice to evacuate.
Julie Semeniuk says there is great anxiety felt by members of the Ukrainian Australian community as they pray for the safety of their loved ones. Source: SBS News
"I wake up every morning and feel so scared and so worried," she said.
She said there is concern for those who are displaced.
"We would like the Australian government to seek humanitarian assistance to the 1.5 million Ukrainians that have been displaced because of the violence."
