Finance Minister Mathias Cormann says the federal government will consider banning sales of uranium to Russia as a way of increasing sanctions.

Australia hasn’t ruled out banning sales of uranium to Russia as it moves to strengthen sanctions against the country.

Prime Minister Tony Abbott said on Friday that Australia was working towards stronger sanctions against Russia over its policy in Ukraine, and Foreign Minister Julie Bishop has indicated that banning uranium sales is on the table.

The comments followed Russia’s decision on Thursday to introduce an embargo on agricultural products from Australia, the European Union, the United States, Canada and others.

Finance Minister Mathias Cormann says Australia is considering what other sanctions can be taken against Russia, including banning uranium sales.

“We are considering what other action we can sensibly take in terms of further increasing the level of sanctions imposed on Russia and all these matters … will be part of a proper and considered discussion before we make a decision,” he told Sky News on Saturday.

Senator Cormann said Australia was working with Australian agricultural producers affected by Russia’s sanctions to try to get access to other markets.

But he says the $400 million worth of trade affected by Russia’s sanctions represents only about 0.4 per cent.

“It is not a significant amount of trade,” he said.