Australia announces new sanctions, export ban on Russia

Today, financial sanctions and an export restriction targeting industries with strategic and economic importance to Russia was announced by the Australian prime minister, Anthony Albanese, and the foreign minister, Penny Wong.

These additional focused actions seek to slow Russia’s military prowess.

Australia’s initiative is a response to a call from foreign allies gathering this week in Hiroshima for the G7 Leaders’ Summit.

More than 1,000 people and organizations who support Russia’s illegal and immoral invasion of Ukraine have already been sanctioned by Australia.

Three people and 21 entities will be the targets of the latest financial sanctions, including:

The Russian entity was established to take control of Ukraine’s Zaporizhzhia Nuclear Power Plant, the largest nuclear power plant in Europe, Russia’s largest petroleum company Rosneft, Russia’s largest gold company Polyus PJSC, one of Russia’s largest steel companies Severstal PJSC, and subsidiaries of the Russian state-owned atomic energy corporation Rosatom that are engaged in nuclear research, infrastructure development, and weapons manufacturing.

Additionally, the Australian government will restrict the shipment of any machinery and associated components to Russia and regions presently under Russian rule. By doing this, Australian products won’t support Russian aggression in Ukraine.

Australia supports Ukraine and salutes the people of Ukraine for their unflinching bravery and resiliency. We lament the immeasurable losses that Ukraine has sustained and recognize the extensive detrimental economic effects of Russia’s invasion, notably in the Indo-Pacific area.

Russia is once more urged to leave Ukrainian land and end the conflict by Australia.

“Australia stands with Ukraine,” stated Prime Minister Anthony Albanese. We honour the Ukrainian people for their unrelenting bravery and resiliency.

“Australia once more urges Russia to end its unlawful and immoral conflict with the people of Ukraine.”

“We will continue to work with the G7 and other international partners to address the global impacts of Russia’s invasion.”

This includes energy and food insecurity, a significant issue in our region.

Foreign Affairs Minister Senator, the Honorable Penny Wong, stated, “This action targets sectors of economic and strategic significance to Russia.”

This includes the industries that support and finance Russia’s conflict in Ukraine, such as the banking, oil, defence, and metals sectors.

We are also forbidding the shipment of Australian machinery and related components to halt Russia’s military machine.

“Russia cannot be permitted to violate another nation’s territorial integrity and sovereignty.”