Australia announces ‘second phase’ of Russia sanctions over Ukraine

SYDNEY – Australia hit Russia with a “second phase” of sanctions on Thursday over its assault on Ukraine, the first salvo in an expected battery of new international measures to punish Moscow.

Prime Minister Scott Morrison condemned Russia’s “illegal invasion” as he announced sanctions against 25 individuals, four entities involved in developing and selling military gear, and restrictions on four financial institutions.

The penalties would target particular Russian individuals, businesses, and industries in the hopes of compelling Russia’s leadership to cease acting like “thugs and bullies,” according to Morrison.

Here’s what we know about Australia’s new sanctions against Russia, what they’re supposed to do, and how they could affect the country.

– Australia’s sanctions –

Financial sanctions will be imposed on eight members of the Russian Federation’s security council. Dealing financially with these people, as well as aiding another person’s dealings with them or the assets they hold or control, will now be illegal in Australia.

This effectively freezes their assets in Australia, which can include both real estate and financial assets.

The eight people will also face travel restrictions, preventing them from entering Australia.

A number of Russian financial organisations will be restricted from doing business with Australian banks. The Russian State Development Bank (VEB), the military bank Promsvyazbank (Rossiya), IS Bank, the General Bank, and the Black Sea Bank are among the banks involved.

Morrison indicated that Australia will expand sanctions currently in place for Crimea and Sevastopol — Ukrainian territory captured by Russia in 2014 – to include Russia’s recognition of the rebel Donetsk and Luhansk areas. According to Morrison, the expanded sanctions would target industries like as transportation, energy, telecommunications, oil, gas, and mineral deposits.