Russians with local fossil fuel interests likely to be named on Australia’s sanctions list

The government has revealed the next two Russian oligarchs who are likely to face sanctions after they were left off an earlier list.

Two Russian oligarchs with fossil fuel interests in Australia who have so far avoided sanctions over the war in Ukraine are likely to targeted after the federal government confirmed it was considering the matter.

The Morrison government has been questioned over why Oleg Deripaska and Viktor Vekselberg were left off a list of 33 oligarchs and their families who were hit on Monday with sanctions including travel bans and asset freezes.

Mr Deripaska, who has a stake in a Gladstone alumina refinery, and Mr Vekselberg, who is reported to have an interest in a Beetaloo Basin gas project, are yet to be sanctioned in Australia over the Russian invasion of Ukraine.

Foreign Affairs Minister Marise Payne is considering listing the two men on Australia’s sanctions regime. Picture NCA Newswire/ Gaye Gerard

Both men are linked to Russian President Vladimir Putin and arguably have closer financial ties to Australia than some of the other oligarchs named by the Department of Foreign Affairs and Trade.

After a flurry of media attention on the two billionaires, Home Affairs Minister Karen Andrews on Thursday morning said the government was already weighing up further sanctions.

Ms Andrews said it would also consider the ramifications of naming Mr Deripaska given his stake in Queensland Alumina, which is run by Rio Tinto and is a major employer in Gladstone.

“Marise Payne as our foreign minister will consider the advice that’s given to her by her department and she will make the decision that is in the best interests of Australia,” she said.

“So, yes, we’re mindful of what the impact may well be, the economic impact in Gladstone. But we are also very mindful of the bigger picture.”

Senator Payne has been contacted for comment.

Home Affairs Minister Karen Andrews says the government is weighing up ‘the big picture’. Picture: NCA NewsWire / Gary Ramage

Western nations have imposed sweeping sanctions on Russia in the wake of its violent military offensive against Ukraine, which the United Nations says has killed at least 691 civilians since February 24.

The Department of Foreign Affairs and Trade said more than 460 Russian entities and individuals had been named on the Australian sanctions regime over the Ukraine conflict.

Scott Morrison on Thursday wouldn’t confirm if Mr Deripaska would be sanctioned but said any move to do so would follow the “proper process”.

“We will continue to take action on all of those to whom sanctions should apply,” the Prime Minister told reporters.

“We must ensure that Russia pays the dearest price for doing this – not just to ensure justice for the Ukrainian people but to ward off any others who want to go down that autocratic path and seek to threaten to coerce their neighbours.”