Australia Imposes New Sanctions on Russian Banks and Oligarchs

Australia on March 18 imposed new sanctions on Russian banks and oligarchs amid Russian President Vladimir Putin’s ongoing invasion on Ukraine.

In a statement from the Australian Foreign Ministry, the Australian government sanctioned 11 additional Russian banks and government entities and two more oligarchs.

The Australian government added the Russian National Wealth Fund and the Russian Ministry of Finance to its sanctions list.

“With our recent inclusion of the Central Bank of Russia, Australia has now targeted all Russian Government entities responsible for issuing and managing Russia’s sovereign debt,” Australian Foreign Minister Marise Payne said.

The sanctioned banks, including the Central Bank of Russia, account for about 80% of all banking assets in Russia, according to Payne.

Australia also added Russian oligarchs Oleg Deripaska and Viktor Vekselberg in addition to the already sanctioned 41 oligarchs and immediate family members.

Deripaska has a stake in an an alumina refinery in Gladstone, Queensland, run by mining company Rio Tinto. Meanwhile, Vekselberg has an interest in a gas project in the Beetaloo basin in the Northern Territory.

“The Australian Government reiterates our unwavering support for Ukraine’s sovereignty and territorial integrity, and for the people of Ukraine. We will continue to move with partners on coordinated sanctions, and to constrain funds for President Putin’s unlawful war,” Payne said.

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