Join our daily newsletter At The Bell to receive exclusive market insights
- Australia imposes sanctions on two Russian oligarchs with links to its mining industry, one of who has investment connections to Rio Tinto’s Gladstone alumina refinery joint venture
- Foreign Minister Marise Payne said Australia is working closely with international partners to intensify sanctions pressure on oligarchs close to Russian President Vladimir Putin
- These new additions join the list of 41 Russian oligarchs and their immediate family members, and over 460 entities and organisations already imposed in past weeks
- Rio Tinto has said it is cutting ties with Russian mining company Rusal as part of its withdrawal from Russia
Australia has imposed sanctions on two Russian oligarchs with links to its mining industry.
One of the pair has investment connections to Rio Tinto’s Gladstone alumina refinery joint venture.
Foreign Minister Marise Payne said Australia is working closely with international partners to intensify sanctions pressure on oligarchs close to Russian President Vladimir Putin in light of Russia’s invasion of Ukraine.
“Australia has now added two billionaires with links to business interests in Australia, Oleg Deripaska and Viktor Vekselberg,” Senator Payne said in a statement.
She said the measures are in addition to curbs on 41 oligarchs and immediate family members who already face targeted financial sanctions and travel bans.
Vekselberg is an investor in the Russian energy sector, who has interests in a company working with Origin Energy on a gas project in the Beetaloo Basin in the Northern Territory.
Origin said it was seeking clarification on the sanctions from the Australian government, and told Reuters the Beetaloo Basin project was not a producing asset and had no earnings.
The company had also said it will comply with all Australian rules and laws and “reiterates” that it does not condone the Russian invasion of Ukraine.
Rio Tinto did not immediately respond to a request for comment on the impact of the sanctions on Deripaska, who holds 44.9 per cent of EN+ Group, a Russian aluminium and power group which is the major shareholder in Russian company Rusal.
EN+ also has a 20 per cent share in the Queensland Alumina Limited (QAL) refinery in Gladstone, in a joint venture with Rio Tinto.
Rio Tinto previously said it was cutting ties with Rusal as part of its overall withdrawal from Russia.
Australia has also joined with its partners in establishing strong, sequential sanctions, with over 460 sanctions placed on individuals and entities, like the Central Bank of Russia, in past weeks.
Those targeted include Roman Abramovich, Chelsea Football Club owner, and Kirill Dmitriev, CEO of Russian Direct Investment Fund.
