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Australia is poised to implement “swift and severe” sanctions against Russia over its aggression towards Ukraine, targeting President Vladimir Putin’s inner circle and seeking to cripple the nation’s financial system in a co-ordinated regulatory strike with allies
Foreign Minister Marise Payne has been working with international counterparts on the final details of a plan to freeze the wealth of those on an agreed hit list of Russian officials and business figures linked to the Ukraine crisis
US President Joe Biden said the sanctions could be unveiled on Wednesday Australian time, declaring “we are co-ordinating with allies and partners on that announcement”
A senior federal government source told The Australian several senior Russian officials and oligarchs had money and real estate in Australia, particularly on the Gold Coast, but the plan was also aimed at preventing Australia becoming a safe haven for targeted Russian figures seeking to avoid sanctions in other jurisdictions.
The US-led sanctions blueprint includes measures aimed at cutting off Russian financial institutions from the world economy by preventing them from dealing with foreign banks.
Australian diplomats were ordered to leave Ukraine on Tuesday to ensure their safety after Mr Putin declared two Russian-backed regions of the country to be independent states and ordered Russian “peacekeepers” into the territories.
Scott Morrison said the move could result in an “absolutely violent confrontation with terrible human consequences. Russia should step back. It should unconditionally withdraw back behind its own borders and stop threatening its neighbours.
