Due diligence regarding sanctioned countries
Prime Minister Anthony Albanese and Foreign Minister Penny Wong announced additional financial sanctions and an export ban, targeting sectors of economic and strategic significance to Russia on 19 May 2023.
Australia has already sanctioned more than 1,000 individuals and entities who are supporting Russia’s invasion of Ukraine.
The new financial sanctions will target 21 entities and three individuals, including:
- Subsidiaries of Russian state-owned atomic energy corporation Rosatom that are involved in nuclear research, infrastructure development and weapons manufacturing.
- The Russian entity created to take over Ukraine’s Zaporizhzhia Nuclear Power Plant, the largest nuclear power plant in Europe.
- Russia’s largest petroleum company Rosneft.
- Russia’s largest gold company Polyus PJSC.
- One of Russia’s largest steel companies Severstal PJSC.
- Defence entities supporting Russia’s war.
- Five Russian banks with operations across the Russian Federation.
The Australian Government will also implement a ban on the export of all machinery and related parts to Russia and areas temporarily under Russian control.
This will prevent Australian goods from aiding Russia’s aggression in Ukraine. The Department of Foreign Affairs and Trade will soon commence public consultation on the export ban, with implementation of the ban to follow.
DEAN World Cargo takes these sanction measures extremely seriously. Our Customer Services, Export and Customs department ensure every necessary verification is taken to avoid the facilitation of activity involving sanctioned countries.
Should you have any questions in regards to the above, please do not hesitate to contact your DEAN World Cargo Account Manager. |
