The National Press Club had invited both Russian ambassador Alexey Pavlovsky and Ukraine's Chargé d`Affaires Volodymyr Shalkivskyi to speak separately.
But club CEO Maurice Reilly says it is no longer appropriate for Russia's envoy to appear.
"The invitations were issued at a different stage in the conflict in Ukraine before allegations of war crimes and bombing of civilian targets," Mr Reilly said in a statement on Friday.
"The club stands by its principles of encouraging free speech and promoting a balanced national discussion of the big issues of the day and reserves the right to revisit this decision at a later date."
Mr Reilly also condemned media censorship in Russia with new laws imposing charges of high treason carrying 15 to 20 year jail terms for journalists who spread "false information".
"This situation should not be tolerated and has no place in a democratic society," he said.
The announcement came a day after Mr Shalkivskyi gave his press club address, using his speech to declare his countrymen would never stop fighting for its freedom, and telling journalists he would like to see Russia's ambassador expelled after shelling had killed more than 50 children in Ukraine.
"Every government needs to have lines of communication but I'm not in the position to be diplomatically polite. Having my parents in a bomb shelter, it makes you more decisive," he said.
Talks between high-level Ukrainian and Russian officials have failed to broker a peace deal.
Russian President Vladimir Putin has remained defiant against coordinated sanctions, saying the injunctions would backfire against the West leading to higher food and energy prices, and Moscow would emerge stronger.
But as sanctions continue to bite the Russian economy, Australia's Reserve Bank governor Philip Lowe says he does not believe the impact from the war in Ukraine warrants co-ordinated global financial policy.
Dr Lowe will attend a regular scheduled meeting with other central bank bosses on Friday night, with the situation in Ukraine high on the agenda.
A co-ordinated response during the global financial crisis had been needed because the financial markets had frozen, he said.
"At the moment there is no need for a co-ordinated policy response - what we need is to share information and talk about where things might go from here," Dr Lowe told an Australian Banking Association conference.
"The assessment has been in the first couple of weeks it hasn't caused major dislocation in the financial system.
"But it is still early days and there is a lot to come for these sanctions to work their way through the financial sector."
Goldman Sachs has become the first US bank to withdraw from Russia following its invasion of Ukraine, a move that will increase pressure on rival lenders to follow.
The United Nations Security Council will also meet on Friday at Russia's request after the Kremlin claimed the United States military were conducting "biological activities" in Ukraine.
Olivia Dalton, the spokesperson for the US Mission to the UN, said the accusation was a false flag operation the Kremlin could use to justify biological or chemical weapons attacks.
Defence Minister Peter Dutton said reports of Russia potentially using biological weapons against Ukrainians were credible and based on intelligence.
Mr Dutton said he would not put anything past the regime when it comes to war, given its "history of brutality".
"If there is to be use of chemical weapons or other weapons which will impact in a broad way across the population, then there will be a devastating outcome," the minister told the Seven Network.
with Reuters
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