Treasurer says Australia will not 'water down' current sanctions against Russia

Treasurer Joe Hockey has told 9NEWS business editor Ross Greenwood that the government would not consider “watering down” sanctions already in place against Russia in the aftermath of the MH17 disaster.

“Australian sanctions are in place because of what happened in the Ukraine, that hasn’t changed,” Mr Hockey said.

“As we said today, further sanctions are not contemplated at this moment.”

He also urged caution against taking action until the shooting down of MH17 had been “methodically” investigated.

The Russian trade minister is expected in Sydney this weekend for discussions with G20 partners in the lead-up to the G20 leader’s summit in Brisbane this November.