Prime Minister Anthony Albanese and Foreign Minister Penny Wong today announced financial sanctions and an export ban, targeting sectors of economic and strategic significance to Russia.
These additional targeted measures aim to slow Russia’s war machine.
Australia’s action is part of a push by international partners, who are meeting at the G7 Leaders’ Summit in Hiroshima this week.
Australia has already sanctioned more than 1,000 individuals and entities who are supporting Russia’s illegal and immoral invasion of Ukraine.
The new financial sanctions will target 21 entities and three individuals, including:
- Subsidiaries of Russian state-owned atomic energy corporation Rosatom that are involved in nuclear research, infrastructure development and weapons manufacturing.
- The Russian entity created to take over 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.
- Defence entities supporting Russia’s war.
- Five Russian banks with operations across the Russian Federation.
The Australian Government will also implement a ban on the export of all machinery and related parts to Russia and areas temporarily under Russian control. This will prevent Australian goods from aiding Russia’s aggression in Ukraine.
Australia stands with Ukraine and pays tribute to the unwavering resilience and courage displayed by the Ukrainian people. We mourn the incalculable losses that Ukraine continues to endure and acknowledge the far-reaching negative economic impacts Russia’s invasion has had on the world, including in the Indo-Pacific region.
Australia again calls on Russia to withdraw its forces from Ukrainian territory and end this war.
Quotes attributable to the Prime Minister Anthony Albanese:
“Australia stands with Ukraine. We pay tribute to the unwavering resilience and courage displayed by the Ukrainian people.”
“Australia again calls on Russia to cease its illegal and immoral war against the people of Ukraine.”
“We will continue to work with the G7 and international partners to address the global impacts of Russia’s invasion.”
“This includes food and energy insecurity, which is a significant concern for our own region.”
Quotes attributable to Foreign Minister Penny Wong:
“This action targets sectors of economic and strategic significance to Russia.”
“This includes the financial, energy, defence and metals sectors that aid and sustain Russia’s war in Ukraine.”
“We are also banning exports of Australian machinery and related parts to Russia to slow its war machine.”
“Russia cannot be allowed to infringe upon another country’s sovereignty and territorial integrity.”
Export ban consultation
The Department of Foreign Affairs and Trade will shortly commence public consultation on the export ban, with implementation of the ban to follow.
Businesses or individuals that wish to participate in consultation on the machinery export ban should subscribe to alerts with the Australian Sanctions Office: Australia and sanctions - Contacts and links