Update on Russia Sanctions Announced by Canada, Australia, and Japan

Canada, Australia, and Japan announced a first wave of sanctions on Russia in response to the situation in Ukraine. These measures are similar in many respects to the sanctions announced by the United States and European Union over the last two days.

  • Canada announced a ban on certain dealings with the non-government controlled areas of Donetsk and Luhansk, a ban on direct and indirect dealings in Russian sovereign debt, sanctions on two Russian banks, and sanctions on the members of the Russian parliament who voted to recognize the independence of the separatist regions of Ukraine.
  • Australia announced financial and travel restrictions on eight Russian officials and a ban on dealings with Rossiya Bank, Promsvyazbank (PSB), IS Bank, Genbank and the Black Sea Bank for Development and Reconstruction. Like other allies, Australia is extending its existing trading ban on the Crimea region to the regions of Donetsk and Luhansk, prohibiting trade in the transport, energy, telecommunications, and oil, gas and minerals sectors. Australia is also expanding its sanctions authority to more broadly impose sanctions on individuals and entities of strategic and economic significance to Russia.
  • Japanese Prime Minister Fumio Kishida announced that Japan would impose similar sanctions on Russia, including sanctions on Russian banks and elites and a prohibition on issuing Russian bonds in Japan.
While the United States and EU are the primary drivers of new sanctions measures, global companies should carefully monitor sanctions developments in all of the jurisdictions in which they operate to ensure compliance with applicable laws.