Canada, Australia, and Japan Also Announce Sanctions Against Russia

Justin Trudeau, Prime Minister of Canada
Photo by AP Yonhap News

[Asia Economy Reporter Cho Hyun-ui] On the 22nd (local time), the United States defined the start of Russia's invasion of Ukraine and imposed its first sanctions on Russia, prompting allied countries such as Canada, Australia, and Japan to simultaneously announce sanctions against Russia.

According to the U.S. political media outlet The Hill, Canadian Prime Minister Justin Trudeau said on the day, "All Canadians are completely prohibited from conducting financial transactions with the so-called Donetsk People's Republic (DPR) and Luhansk People's Republic (LPR), which are pro-Russian rebel regions in Ukraine."

The Canadian government also plans to ban trading in Russian government bonds and sanction politicians who voted in favor of recognizing the independence of the DPR and LPR in the Russian parliament.

Australian Prime Minister Scott Morrison also announced that he would impose specific individual sanctions, travel bans, and financial sanctions against Russia. Morrison said, "This is just the beginning," adding, "Sanctions will be expanded extensively to regions controlled by separatists. In particular, more sanctions will be imposed on Russian citizens who seek to benefit from the invasion."

Japan also announced sanctions against Russia. According to Kyodo News, Prime Minister Fumio Kishida announced on the 23rd that the issuance and distribution within Japan of new bonds issued or guaranteed by the Russian government or government agencies would be banned. He also stated that visa issuance to DPR and LPR officials would be suspended, assets within Japan frozen, and imports and exports with the two regions prohibited.

Prime Minister Kishida said, "If the situation worsens, we will coordinate with the international community to impose additional sanctions," and strongly urged a return to efforts to resolve the situation through diplomacy.

According to the U.S. foreign affairs magazine Foreign Policy, Japan, along with Singapore and Taiwan, expressed support for the U.S.-led export control plan. The export restrictions are expected to target products using advanced technologies such as semiconductors, artificial intelligence (AI), and robotics. However, Japan maintains a cautious stance regarding sanctions on Russia's energy industry, including liquefied natural gas (LNG).

Earlier, Europe also announced sanctions against Russia simultaneously. The United Kingdom announced sanctions on five banks, including Rossiya Bank, believed to be used by Russian President Vladimir Putin's close associates, and Black Sea Bank located in Crimea.

Germany decided to halt the Nord Stream 2 gas pipeline project, which connects Russia and Germany and is considered a key Western sanction against Russia.

Foreign ministers of European Union (EU) member states held an emergency meeting in Paris, France, on the same day and unanimously agreed on new sanctions against Russia.

The sanctions include individuals such as Russian State Duma members involved in recognizing the independence of the two regions, banks financing Russian decision-makers, and other businesses located in the Donbas regions. Additionally, trade between the DPR, LPR regions and the EU will be banned, and the Russian government's ability to raise funds in the EU financial market will be restricted.

This content was produced with the assistance of AI translation services.