Mr Morrison also condemned Russia for the “brutal” and “unprovoked” action, and said it should withdraw its troops.
A day after announcing targeted financial sanctions and travel bans as a first step, Mr Morrison told reporters his government is “now progressing in the second phase of those financial sanctions”.
“The acting minister of financial affairs, Senator (Simon) Birmingham, has completed the process of applying sanctions to an additional 25 persons,” he said.
“This includes army commanders, deputy defence ministers and Russian mercenaries who have been responsible for the unprovoked and unacceptable regression, and four entities involved in the development and sale of military technology and weapons.
“We are now moving to place restrictions on Australians investing in a further four financial institutions.
“There will be further waves of sanctions as we identify those responsible for these egregious acts, including – as I discussed this afternoon with the Department of Foreign Affairs and Trade – moving on around over 300 members of the Russian Parliament.
“We must ensure there is a cost for this violent, unacceptable and egregious behaviour.”
Mr Morrison had earlier said Russia was “behaving like thugs and bullies, and they should be called out as thugs and bullies”.