Australia, New Zealand Target Russia with Largest Sanctions Package
Australia's package — covering 180 targets across Russia's finance and banking, defense, aeronautical, oil and gas, transportation, and science and technology sectors — was described by Canberra as its "single largest sanctions package" since the war began in February 2022, according to a joint statement issued by Prime Minister Anthony Albanese, Defense Minister Richard Marles, and Foreign Minister Penny Wong.
In a significant first, Australia has now extended its sanctions net to cryptocurrency entities, which officials say have been facilitating cross-border transactions that allow Moscow to circumvent existing restrictions and sustain its military operations. The move signals an escalating effort to close financial loopholes that have allowed Russia to keep its war machine funded.
With Tuesday's additions, Australia has now levied more than 1,800 sanctions in direct response to Russia's war on Ukraine. Canberra also tightened economic pressure by lowering the Russian oil price cap from $47.60 per barrel to $44.10.
"We will continue to take action to place further pressure on Russia's oil revenue, and we expect businesses to prevent their supply chains from inadvertently funding Russia's illegal and immoral invasion of Ukraine," the joint statement read.
Since the outbreak of hostilities, Australia's total assistance to Ukraine has exceeded 1.7 billion Australian dollars ($1.2 billion), with more than 1.5 billion Australian dollars of that sum directed toward military support. Australian officials simultaneously called on Moscow to bring the war to an immediate end and honor its obligations under international law — including the protection of civilians and humane treatment of prisoners of war.
Across the Tasman Sea, New Zealand matched the moment with its own fresh package. Foreign Minister Winston Peters announced $8 million in new assistance for Ukraine alongside a separate round of sanctions that includes the designation of 100 "shadow fleet vessels" and a parallel reduction in the price cap on Russian crude oil.
Wellington's measures reach beyond Russia alone. New Zealand also sanctioned individuals and entities from Belarus, Iran, and North Korea, while targeting alternative payment providers, "malicious cyber actors, and those supporting Russia's military industrial complex," according to Peters' statement.
In a parallel show of allied resolve, Japan used the anniversary to reaffirm its own commitment to Ukraine's future. Chief Cabinet Secretary Minoru Kihara said Tokyo would maintain close coordination with its Group of Seven (G7) partners, noting that Japan has pledged approximately $20 billion in humanitarian, financial, and reconstruction support for Ukraine since 2022.
The synchronized actions from three Indo-Pacific nations underscore the extent to which Russia's war has reshaped the global sanctions landscape — and the growing determination among Western-aligned governments to choke off the financial arteries sustaining Moscow's campaign.
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