- Prime Minister Scott Morrison said Australia has now committed to providing weapons to Ukraine through NATO.
- The Russian invasion of Ukraine has hit global markets and supply chains.
- The cost of wheat may skyrocket by more than 60%, impacting Australian farmers, analysts warn.
Australia will supply military aid in the form of weapons, Prime Minister Scott Morrison announced over the weekend, bolstering the nation’s previously announced sanctions in response to Russia’s invasion of Ukraine.
However the supply chain fallout could ultimately hurt Australian farmers as key food supplies out of Russia and Ukraine are halted.
It comes as Western nations stepped up support for Ukraine as the conflict intensified over the weekend and Russian forces entered Kyiv, the country’s capital, on Sunday.
Australia committed to providing weapons, non-lethal military equipment, and medical supplies to Ukraine.
The country will work with NATO to deliver weapons to Ukraine, Morrison announced on Sunday.
Treasurer Josh Frydenberg on Monday said Australia’s first payment of arms aid to Ukraine will be in the “millions” of dollars, with the details of payments to be given later today.
“We are working through those details with our NATO partners,” Frydenberg told ABC radio.
“It’s not going to be the same sort of quantum that the US or the UK would provide.”
Australia had already committed to sending non-lethal aid in the form of military equipment and medical supplies, but ruled out sending troops.
The country’s sanctions against Vladimir Putin and senior members of his government came into effect on Monday after being flagged over the weekend.
Travel bans and financial sanctions have been imposed against the Russian President, Foreign Minister, Defence Minister, Prime Minister and Internal Affairs Minister.
The federal government had been seeking advice from the Department of Foreign Affairs and Trade on how to design the sanctions, after countries including the US and UK announced they would target the individuals.
Australia will also announce a broader package of humanitarian support for Ukraine on Monday, Morrison told 4BC radio.
The “important and significant” package will assist Ukraine as well as neighbouring countries such as Poland that are taking refugees from Ukraine, Morrison said.