By no means a new weapon, Australia has once again utilised its sanction regime in view of recent horrific events in Ukraine. Whilst a world away geographically, the practical effects of these rapidly changing sanctions should not be overlooked by Australian businesses. With statutory penalties including significant fines of over $2,000,000, Australian business owners and operators ought to be aware of their potential application.
Australia’s autonomous sanctions: What Russian sanctions mean for you
- Australia has utilised its sanction regime in response to the Russian threat to the sovereignty and territorial integrity of Ukraine.
- Australian businesses should be cautious of the Federal Government’s requirement not to engage in sanctioned supply or import.
- Businesses engaging in activities in relation to critical commodities/industries, or with players resident in, or with known connections to Russia, would be prudent to keep a close eye on the Federal Government’s announcements.