Australia, New Zealand Expand Sanctions on Russian-Tied Entities

(MENAFN) Australia and New Zealand on Tuesday rolled out new sanctions targeting 280 individuals, organizations, and “shadow fleet vessels” associated with Russia, marking the fourth anniversary of Moscow’s ongoing conflict with Ukraine.

Australia’s measures cover 180 targets across sectors including finance, banking, defense, aeronautics, oil and gas, transportation, and science and technology. Officials described the package as Canberra’s “single largest sanctions package” since February 2022. For the first time, cryptocurrency entities facilitating cross-border transactions that allow Russia to circumvent restrictions were also sanctioned. The price cap on Russian oil was reduced from $47.60 to $44.10 per barrel. Since the start of the war, Australia has provided over 1.7 billion Australian dollars ($1.2 billion) in aid to Ukraine, including more than 1.5 billion for military assistance.

“We will continue to take action to place further pressure on Russia’s oil revenue, and we expect businesses to prevent their supply chains from inadvertently funding Russia’s illegal and immoral invasion of Ukraine,” the joint statement said, while urging Moscow to end the war and uphold international legal obligations, including civilian protection and proper treatment of prisoners of war.

New Zealand announced $8 million in additional assistance for Ukraine and introduced sanctions targeting Russian interests, including lowering the oil price cap and sanctioning 100 “shadow fleet vessels,” according to Winston Peters.

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