Australia on Friday placed sanctions on 11 additional Russian banks and government entities, including the Russian National Wealth Fund and the Russian Ministry of Finance.

"With our recent inclusion of the Central Bank of Russia, Australia has now targeted all Russian Government entities responsible for issuing and managing Russia’s sovereign debt," said Australian Foreign Minister Marise Payne today.

The additional banks together account for approximately 80 per cent of all banking assets in Russia, and include Sberbank, Gazprombank, VEB, VTB, Rosselkhozbank, Sovcombank, Novikombank, Alfa-Bank and Credit Bank of Moscow.

Canberra also reiterated that it is continuing to increase sanctions pressure on the oligarchs close to Russian President Vladimir Putin.

In addition to the 41 oligarchs and immediate family members who have already been targeted with financial sanctions and travel bans, Australia has now added two billionaires with links to business interests in Australia, Oleg Deripaska and Viktor Vekselberg.

"The Australian government is deeply committed to imposing high costs on Russia. This includes by listing individuals of economic and strategic significance to Russia who have supported, and benefited from, the Putin regime," said Payne.

The Australian government said it will continue with its "unwavering support" for Ukraine’s sovereignty and territorial integrity, and for the people of Ukraine.

"We will continue to move with partners on coordinated sanctions, and to constrain funds for President Putin’s unlawful war," said the Australian Foreign Minister.

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