Australian Senate Committee Proposes Seizure of Russian Assets for Ukraine Aid
The Australian Senate's Foreign Affairs Committee has recommended new legislation to seize sanctioned Russian assets and disburse them to Ukraine. This proposal is part of 11 recommendations aimed at tightening Australia's sanctions regime against Russia, which the committee found to have shortcomings, including a lack of ambition, loopholes, and perceived absence of enforcement. While Australia's foreign ministry estimates less than 100 million Australian dollars ($72 million) in frozen Russian assets, a submission quoted in the report suggests the figure could be closer to 7 billion Australian dollars ($5 billion), based on Euroclear data. The committee argues for the strength of the case for seizing and repurposing these assets, acknowledging the legal complexities that would necessitate new legislation. Additionally, the report suggests making the financing of Russia's military operations a crime, with asset forfeiture as a penalty. 
