Prime Minister Tony Abbott announced in Parliament today that Australia will increase its sanctions against Russia, matching the levels of the European Union.
Australia’s expanded sanctions include:
- restrictions on arms exports;
- restrictions on the access of Russian state-owned banks to Australian capital markets;
- preventing the export of goods and services for use in Russia’s oil exploration or production;
- restrictions on Australian trade and investment in Crimea; and
- targeted financial sanctions and travel bans on an additional 63 Russian and Ukrainian individuals and 21 entities.
In a press release from the Prime Minister’s office, the Government outlined concerns with the escalating events in Ukraine.
The situation has recently worsened as Russia steps up its persistent and deliberate violation of Ukraine’s sovereignty. Around 1000 heavily armed Russian troops are now operating openly in eastern Ukraine, in defiance of Ukraine’s sovereignty, the international community and international law.
According to the release, Russia has ignored the international community’s call to de-escalate the crisis, resulting in the Government’s decision to expand Australia’s autonomous sanctions and travel bans.
“The bullying of small nations by big ones and assertions that might is right should have no place in our world,” Abbott said.
“Russia must understand that if it does not act to defuse the current situation, the cost to its economy and international standing will grow.”
The sanctions are being coordinated with the US, Canada and Europe.
These measures build on Australia’s existing financial sanctions and travel bans, announced in March this year and the Government has not ruled out imposing further sanctions in the future.
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