Australian shares were set to fall on Wednesday as investors remained nervous on the deepening Ukraine-Russia crises with the United States and the West imposing sanctions after Russia moved troops in the breakaway regions of Ukraine.

The local share price index futures fell 0.09%, a 87.3 point discount to the underlying S&P/ASX 200 index close. The benchmark fell 1% on Tuesday.

Australian shares end lower as banks drag amid crisis in Ukraine

New Zealand's benchmark S&P/NZX 50 index fell by 0.04% in early trade.