Professor in Ukrainian Studies Marko Pavlyshyn says undeterred Russian aggression will have direct security implications in the Indo-Pacific, like China moving on Taiwan.
"Russia will prove that a determined autocracy which scoffs at international norms is able to get its way with impunity," the Monash emeritus professor said.
"Unless the West blocks Russia's achievement of these goals, it will lose credibility and trust as a reliable supporter of democratic countries."
Prof Pavlyshyn says it remains in Australia's core security interest to work with like-minded countries to deter Russian President Vladimir Putin and ensure the crisis doesn't escalate and strip Ukraine's sovereignty.
Australia's national security committee of cabinet met on Monday night to discuss the "very real risks" of conflict with Russia along Ukraine's border amid fears of an imminent invasion.
But Prime Minister Scott Morrison said while conflict was "potentially imminent", he didn't want to say anything "that would suggest this is a known fact".
"We are very well aware of the assessments, and the risks of that occurring at any moment is there and it's real," he told 2SM on Tuesday following the lengthy security meeting.
Labor leader Anthony Albanese asked the prime minister in parliament to outline how he has conveyed Australia's support for Ukraine's sovereignty and opposition to Russia's "attempt to intimidate the government and people of the Ukraine".
Mr Morrison said Australia was "working through its options" with partner countries.
"In the event that those terrible events take place we will move swiftly with our partners," he said.
Foreign Minister Marise Payne says Australia has a range of existing sanctions in place, against both Russian individuals and entities.
"It is a deeply concerning situation. Australia has been consistent and clear in our commitment to Ukraine's sovereignty and territorial integrity," she told Sky News.
Senator Payne said Australia would continue to stand steadfast against Russian aggression "whether that occurs in coming days or into the future".
Mr Morrison also took aim at China for not denouncing Russian aggression.
"When you have a large country in our own region that suggest they want peace and harmony but is not calling out Russia... that is very concerning," he said.
"(Russia) are threatening terrible violence on Ukraine that will have a real impact on the global economy and on oil prices and we will all feel that."
But Senator Payne wasn't willing to go as far as the prime minister and defence minister in attacking Labor as Chinese appeasers.
"What I would say is that it is essential for those who wish to govern our nation to be clear and to be consistent, as we have done in the approach that we take on these issues," she said when asked if it was in the national interest to frame Labor as weak on China.
But she didn't agree when pushed on whether the government was using national security as a political weapon against the opposition.
"I don't agree that it is not the role of the government to indicate where we believe our strengths lie and where we believe our record stands," she said.
China's foreign ministry hit back when asked about the prime minister's comments on the country remaining "chillingly silent on the amassing of troops", saying Australia needed to "abandon the Cold War mentality and ideological bias".
"Stop making belligerent rhetoric that will escalate the tensions," ministry spokesman Wang Wenbin said.
"Such acts of seeking selfish political gains by clamouring for confrontation are unethical and dangerous."
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