On 26 February 2022, the United States and its allies announced they would remove selected Russian banks from the SWIFT global financial messaging network. Exclusion from SWIFT has been described as ‘the nuclear option’ of financial sanctions, and will have far-reaching consequences for the global economy and trade. Read more...
On 23 February 2022 the Government first announced new sanctions to be imposed on Russian individuals, organisations and banks in response to Russia’s recent aggression against Ukraine, with further sanctions imposed following Russia’s invasion of Ukraine. This Flagpost discusses existing sanctions which were imposed on Russia in 2014 in response to the Russian Government’s annexation of Crimea and explains how the Government will give effect to the recently announced sanctions (as at 28 February 2022). Australia’s sanctions laws Australia implements two types of sanctions: sanctions imposed as a consequence of Australia’s membership of the United Nations (imp... Read more...
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