Australian government imposes new sanctions against Russian entities

The Australian Government on Thursday announced the imposition of new and targeted financial sanctions on 14 Russian state-owned enterprises of strategic and economic importance to Russia.

The listings include defence-related entities such as transportation company Kamaz, and shipping companies SEVMASH and United Shipbuilding Corporation.

Sanctions extend to electronic component company Ruselectronics, which is responsible for the production of around 80 per cent of all Russian electronics components. They also target Russian Railways, which is one of the world’s largest transportation companies and one of the largest single contributors to Russia’s GDP.

"Our targeting of Russia’s state-owned enterprises in coordination with key partners undermines their capacity to boost the Russian economy. By preventing dealings with these important sources of revenue for the Russian Government, we are increasing the pressure on Russia and undercutting its ability to continue funding Putin’s war.

"The Australian Government reiterates our unwavering support for Ukraine’s sovereignty and territorial integrity, and for the people of Ukraine.

"We again call upon Russia to withdraw its military forces immediately from Ukraine." concluded the government's announcement.