Australia has intensified its sanction against Russia in light the reported Russian troop movement in the ongoing crisis with the Ukraine.
In a statement made by Australian Prime Minister Tony Abbot to his parliament, under the changes that have been proposed there will be no new arms exports or new access by Russian state-owned banks in the Australian capitals market. The oil and gas industry’s exports will be affected as well, and there will be no new trade initiated in the Crimea. Specific, targeted financial sanctions and travel bans will be instituted against individuals, as well.
In his statement, Mr. Abbott said that Australia’s changes will bring it in line with the EU (European Untion). “I wish to make it perfectly clear that the bullying of a small nation by a larger one, and the assertion that ‘might makes right’, has no place in our world,” Abbott said.