Business Australia sanctions Russian billionaires with mining industry links

Australia sanctions Russian billionaires with mining industry links

Australia sanctions Russian billionaires with mining industry links

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Financial system49 minutes ago (Mar 17, 2022 11: 41PM ET)


© Reuters. FILE PHOTO: Russian magnate Oleg Deripaska attends a session of the St. Petersburg World Financial Forum (SPIEF) in Saint Petersburg, Russia, June 3, 2021. REUTERS/Evgenia Novozhenina/File Photo


SYDNEY (Reuters) – Australia imposed sanctions on Friday on two Russian oligarchs with links to its mining industry, one of them a billionaire with an funding connection to Rio Tinto (NYSE:)’s Gladstone alumina refinery joint mission.

Foreign Minister Marise Payne said Australia turned into as soon as working in conclude cooperation with global partners to amplify sanctions stress on oligarchs conclude to Russian President Vladimir Putin over the invasion of Ukraine.

“Australia has now added two billionaires with links to enterprise pursuits in Australia, Oleg Deripaska and Viktor Vekselberg,” Payne said in a assertion.

The measures are as successfully as to curbs on 41 oligarchs and instantaneous household individuals who already face focused financial sanctions and creep bans, she said.

Payne said the authorities welcomed Australian companies taking a principled stand with strikes to nick ties with Russia “in speak of Moscow’s unlawful, indefensible battle in opposition to Ukraine”.

Russia says it is some distance finishing up “a special militia operation” to terminate the Ukrainian authorities from committing “genocide” – an accusation the West calls a fabrication.

Vekselberg is an investor within the Russian energy sector, who has pursuits in a company working with Origin Energy on a gasoline project within the Beetaloo Basin within the Northern Territory.

Origin said it turned into as soon as seeking clarification on the sanctions from the Australian authorities, and urged Reuters the Beetaloo Basin project turned into as soon as no longer a producing asset and had no earnings.

“Origin reiterates that it is some distance appalled by the Russian invasion of Ukraine and might maybe maybe goal notice all Australian principles and rules,” Origin said in a assertion.

It said Vekselberg owned Lamesa Holdings, which turned into as soon as a minority shareholder in Falcon Oil & Gas, the father or mother company of Origin’s junior accomplice within the Beetaloo Basin.

“Neither Lamesa Holdings nor Mr Vekselberg are a birthday celebration to the Beetaloo Basin joint mission. They would not contain any role in, involvement or dealings with, Origin or the Beetaloo Basin joint mission,” it said.

Substantial Anglo-Australian miner Rio Tinto did now not without extend acknowledge to a place a matter to for touch upon the impact of the sanctions on Deripaska, who holds 44.9% of EN+ Group, a Russian aluminium and energy community.

EN+ Group is the major shareholder in Russian company Rusal, which has a 20% allotment within the Queensland Alumina (OTC:) Restricted (QAL) refinery in Gladstone, in a joint mission with Rio Tinto.

Rio Tinto previously said it turned into as soon as slicing ties with Rusal as a part of its total withdrawal from Russia.

Queensland Alumina Ltd did now not acknowledge to a place a matter to for comment.

Deripaska reduced his controlling stake in EN+ Group from 70% in 2019 – to capture a prior spherical of U.S. sanctions from the major aluminium producer.

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