Australia Sanctions Mining Linked Russia Oligarchs

Australia imposed sanctions on Friday on two Russian oligarchs with links to mining.

Australia’s Department of Foreign Affairs and Trade imposed economic sanctions to Russian billionaires Viktor Vekselberg and Oleg Deripaska, who have assets in Australia.  The two are said to have close ties with Russian President Vladimir Putin.

Foreign Minister Marise Payne said that Australia welcomed Australian companies taking a principled stand with moves to cut ties with Russia “in protest of Moscow’s illegal, indefensible war against Ukraine”.

Vekselberg is involved with Lamesa Holdings, the largest shareholder of Falcon Oil and Gas while Deripaska is connected to Rio Tinto’s Gladstone alumina refinery joint venture.

Payne announced in February that Australia will sanction Russian oligarchs to put economic pressure on Russia over its invasion of Ukraine. Payne added that the sanctioning of these oligarchs “is a deserved economic punishment and cost for Russia’s destructive behavior.”

Australia has also imposed financial sanctions and travel bans to 41 Russian oligarchs.

In response to Australia’s economic pressures on Russia, President Putin added Australia to its hit-list of countries to sanction.

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