Canada, Japan and Australia Impose New Russia Sanctions
Canadian Prime Minister Justin Trudeau on Feb. 24 announced a second set of "severe" sanctions against Russia for its invasion of Ukraine, according to a report from CBC News. Mirroring U.S. sanctions imposed the same day, the sanctions target major Russian financial institutions and members of the country's elite, the report said. The new round of sanctions follows those issued the previous day by Canada, as well as sanctions announced by Australia and Japan on Feb. 23.
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Canada also said Feb. 24 it will stop issuing export permits for Russia-bound products, and cancel existing permits, the report said. The export permits canceled under the action cover goods worth more than $700 million, according to the report.
Canada, Japan and Australia had already announced restrictive measures on Russia in the previous days. Trudeau announced Feb. 22 a sanctions package that will implement restrictions on members of the Russian State Duma who voted to recognize the independence of the Donetsk and Luhansk regions of Ukraine, a ban on dealings in the two areas, restrictions on direct and indirect dealings in Russian sovereign debt, and sanctions on two Russian financial institutions.
The Australian government on Feb. 23 laid out its "first phase" of sanctions, including travel bans and targeted financial sanctions on eight members of the Russian Security Council. Additionally, Australian individuals and entities are restricted from doing business with five banks, and there are restrictions on Australians investing in the state Corporation Bank for Development and Foreign Economic Affairs. Australia's existing sanctions covering Crimea and Sevastopol were extended to Donetsk and Luhansk, imposing strong economic sanctions prohibiting trade in the transport, energy, telecommunications and oil, gas and minerals sectors.
Japanese Prime Minister Fumio Kishida Feb. 24 announced a sanctions package that encompasses travel bans and asset freezes on officials in Donetsk and Luhansk, an import and export ban in the two regions, and a ban on the issuance and trading of new Russian sovereign bonds in Japan, according to an unofficial translation.
As of our deadline, Japan and Australia hadn't yet announced additional sanctions targeting Russia, though the two countries were mentioned by the Commerce Department Feb. 24 as aligned with U.S. sanctions and export actions announced that day (see 2202240069).