On Friday, Australia imposed sanctions on two Russian oligarchs with ties to the country's mining sector, one of which is a billionaire with a stake in Rio Tinto's Gladstone alumina refinery joint venture.
Australia's Foreign Minister Marise Payne said the country was working closely with international allies to intensify sanctions pressure on billionaires close to Russian President Vladimir Putin in response to the invasion of Ukraine.
Australia Sanctions Russian Billionaires
According to her, the measures are in addition to the restrictions imposed on 41 oligarchs and their immediate family members, who are already subject to targeted financial sanctions and travel bans. Russia claims to be conducting "a special military operation" to prevent the Ukrainian government from committing "genocide," which the West dismisses as a lie.
Vekselberg is a Russian energy investor having stakes in a firm collaborating with Origin Energy on a gas project in the Northern Territory's Beetaloo Basin. Origin said it was seeking clarity from the Australian government on the sanctions, adding that the Beetaloo Basin project was not a producing asset with no revenues.
Rio Tinto, a major Anglo-Australian mining company, did not react to a request for comment on the sanctions' impact on Deripaska, who owns 44.9 percent of EN+ Group, a Russian aluminum and power company. EN+ Group is a key stakeholder in Rusal, a Russian business having a 20% stake in the Queensland Alumina Limited (QAL) refinery in Gladstone, which is part of a joint venture with Rio Tinto. Rio Tinto has previously stated that it will terminate connections with Rusal as part of its broader exit from Russia, according to Yahoo News.
Meanwhile, the Foreign Ministry has announced that 11 more Russian banks and government institutions with the majority of the country's banking assets, as well as all companies that manage Russia's sovereign debt, have been sanctioned as a result of Russia's military activities in Ukraine.
On Monday, Australia announced new sanctions against 33 Russian oligarchs and corporate leaders, joining a growing list of Western countries that have imposed restrictive measures against Russians. According to Australian Foreign Minister Marise Payne, "Reinforce Australia's genuine determination to penalize Russians of economic and geopolitical significance, particularly Russian President Vladimir Putin."
In making the announcement, Australia's foreign minister also stated that individuals who have reaped enormous gains and are of economic and strategic importance to Russia," particularly because of their relationships with President Putin, will face sanctions. Many of these billionaires have benefitted directly from the Kremlin's illegal and indefensible activities in Ukraine since 2014, according to the report.
Since Russia's aggressive military activities in Ukraine began, Australia has placed over 450 sanctions on Russian individuals, entities, organizations, banks, Putin, his security council, and the Russian Armed Forces, Republic World reported.
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Australia May Sanction China if it Backs Russian Invasion
Australian Prime Minister Scott Morrison warned that if China backs Russia's conflict in Ukraine, it would suffer repercussions, calling such a move an "abomination" and threatening additional international penalties against Beijing. When asked if China would face any consequences for its unwillingness to denounce the continued Russian onslaught, Prime Minister Malcolm Turnbull said Australia would join other partners in penalizing the nation.
Morrison went on to say that Beijing must be "very transparent" about its ties to Moscow, including when it comes to throwing them an economic lifeline during this global crisis and potentially what, if any, military support has been discussed, adding that the latter decision would be an abomination.
The president's remarks mirror similar ones from the US, which has warned of "significant consequences" if Moscow receives military or economic help, as per National Herald.
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