A coalition of influential Australians is pressing their government to repurpose frozen Russian assets for aiding Ukraine.

These assets have been held since Australia sanctioned Russian oligarchs and Putin's allies, with a potential to significantly impact Ukraine's post-war recovery.

The group suggests Australia should align with other nations to explore legal avenues for utilizing Russian sovereign assets to Ukraine's advantage.

There is currently no legal framework in Australia for the confiscation of frozen assets.

Over 40 Russian oligarchs have had approximately $9 billion in assets frozen in Australia, far exceeding the country's financial aid to Ukraine.

A recent UN-backed study estimates Ukraine's reconstruction costs at $US486 billion, while Australia's contribution is only 0.04% of its GDP.

The Australian group calls for increased support to demonstrate a stronger commitment to Ukraine and adherence to international law.

While the US and UK are urging G7 countries to seize Russian central bank assets, there is hesitance and legal reservations among some European nations.

The Australian government aims to support Ukraine's efforts to conclude the war on its own terms by continuing targeted assistance and imposing costs on Russia.