Two Russian oligarchs with business interest in Australia have been sanctioned by the Morrison government, after being omitted from an earlier round of penalties.
Oleg Deripaska and Viktor Vekselberg both hold a stake in an alumina refinery in Queensland, while Mr Vekselberg also has an interest in a gas project in the Beetaloo basin in the Northern Territory.
Both men were not among 41 oligarchs and family members hit with sanctions by Australia’s Department of Foreign Affairs and Trade on Monday.
But an update to Australia’s consolidated sanctions list, published on Friday, shows Mr Deripaska and Mr Vekselberg have been added.
The change came after questions from media over why the oligarchs had not been included previously in Australia’s sanctions response, since Russia’s invasion of Ukraine started on 24 February.
The sanctions mean the Russian billionaires will have their access to assets in Australia frozen, be restricted from engaging in business activity here and also face travel bans.
Last week, the British government sanctioned Mr Deripaska and Mr Vekselberg on 10 March and 15 March, respectively.
Mr Deripaska and Mr Vekselberg had already both been sanctioned by the United States in April 2018, including over Russia’s invasion of Crimea in 2014.
The Australasian Centre for Corporate Responsibility (ACCR) first raised concerns about the two billionaires in a statement on 28 February calling for them to be sanctioned.
Dan Gocher, director of climate and environment at the ACCR, welcomed the sanctions against the pair but questioned “why the government was slower to act” than the US and Britain.
“Alumina exports from Queensland to Russia must be stopped immediately, to prevent the possibility of Australian alumina being used in munitions manufacturing,” he said.
Mr Deripaska founded the En+ Group, which owns 20 per cent of Queensland Alumina Ltd — the operator of a plant in Gladstone that refines bauxite into alumina.
Russian billionaire and businessman Viktor Vekselberg at the 24th Saint Petersburg International Economic on 3 June 3, 2021. Credit: Mikhail Svetlov/Getty Images
The En+ group includes a 56.9 per cent stake in Rusal International PJSC, which controls the stake in the Queensland refinery.
Mr Vekelsberg also owns around 32.2 per cent of Rusal International, through subsidiary companies also connecting him to the Gladstone refinery.
He also owns approximately 16 per cent of Falcon Oil and Gas Ltd through subsidiary company Lamesa Group Holding SA ,which is a joint venture partner in the Beetaloo basin.
Falcon Oil and Gas Ltd 22.5 per cent in this project and Origin Energy holds a 77.5 per cent stake.
The Morrison government has said it has imposed sanctions against over 450 individuals and entities since Russia’s invasion began.
This also includes military commanders and political figures including President Vladimir Putin, the Centre Bank of Russia and several Russian banks.
The federal government on Friday also placed sanctions on 11 additional Russian banks and government entities.
It said the majority of the country’s banking assets were now covered by sanctions.
