Australia imposes new sanctions against 14 Russian companies

The Australian government has imposed targeted financial sanctions against 14 Russian-state-owned enterprises while calling upon Russia to withdraw its military forces immediately from Ukraine.

As per an official statement, the list includes defence-related entities such as transportation company Kamaz, and shipping companies SEVMASH and United Shipbuilding Corporation.

"Sanctions extend to electronic component company Ruselectronics, which is responsible for the production of around 80 per cent of all Russian electronics components. They also target Russian Railways, which is one of the world's largest transportation companies and one of the largest single contributors to Russia's GDP," read the statement.

The Australian government has said that targeting of Russia's state-owned enterprises is aimed at undermining their capacity to boost the Russian economy.

Reiterating its support for Ukraine's sovereignty and territorial integrity, the Australian government said that preventing dealings with these important sources of revenue for the Russian Government, they are increasing the pressure on Russia and undercutting its ability to continue funding war.

On February 24, Russia launched a "special military operation" in Ukraine, which the West has termed an unprovoked war. As a result of this, the Western countries have imposed several crippling sanctions on Moscow.