New sanctions on Russian banks and oligarchs

  • Media release
18 March 2022

The Australian Government has placed sanctions on 11 additional Russian banks and government entities, with the majority of the country’s banking assets now covered by our sanctions along with all of the entities that handle Russia’s sovereign debt.

Today’s listing includes the Russian National Wealth Fund and the Russian Ministry of Finance. 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.

The additional banks together account for approximately 80 per cent of all banking assets in Russia, and include Sberbank, Gazprombank, VEB, VTB, Rosselkhozbank, Sovcombank, Novikombank, Alfa-Bank and Credit Bank of Moscow.

The Australian Government is deeply committed to imposing high costs on Russia. This includes by listing individuals of economic and strategic significance to Russia who have supported, and benefited from, the Putin regime.

We are also continuing to increase sanctions pressure on the oligarchs close to Vladimir Putin. In addition to the 41 oligarchs and immediate family members on whom we had already put targeted financial sanctions and travel bans, Australia has now added two billionaires with links to business interests in Australia, Oleg Deripaska and Viktor Vekselberg.

In doing so, we have continued our close cooperation with key international partners.

We welcome the principled stand taken by Australian companies in announcing moves to cut ties with Russia in protest of Moscow’s illegal, indefensible war against Ukraine.

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.

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