Australia's sovereign wealth fund still holds around $200 million dollars of holdings in 19 Russian companies, almost eight months after the invasion of Ukraine.
On February 28, the Future Fund announced it would divest its holdings in companies listed on the Russian Stock Exchange as international sanctions sought to pressure President Vladimir Putin.
But on the same day, the Central Bank of Russia banned brokers on the Moscow Stock Exchange from executing sales on behalf of non-Russian residents.
In a statement, the Finance Department said that had restricted divestment options but stressed the fund was committed to doing so as soon as possible.
"The prohibition remains in place meaning the Moscow Stock Exchange is closed to foreigners, preventing them from selling securities listed on that exchange," a finance spokesperson told the ABC.
"The Future Fund has issued sell orders to its investment managers over its entire Russian position.
"This sell order does not include price as a factor meaning there is no price that is required to be realised from these investments for them to be divested."
The Australian government has banned commercial interaction with publicly owned Russian banks and companies associated with the Russian oil industry, military equipment and services.
Australia also joined fellow central banks in putting the squeeze on Russia, preventing $8 billion worth of Australian bonds from being cashed in by the Bank of Russia.
Around 80 per cent of Russian banking assets are covered by Australian sanctions including Sberbank, Gazprombank, VEB, VTB, Rosselkhozbank, Sovcombank, Novikombank, Alfa-Bank and Credit Bank of Moscow.
The value of Future Fund securities in Russian-listed companies was written down to zero on June 30.
The Future Fund has no holdings in Russian sovereign debt of other fixed income.
"The Future Fund holds around 0.1 per cent of the Fund or around $200 million in 19 companies reflecting an emerging markets index exposure to Russian companies," the finance spokesman said.
The Australian government has also sent military equipment to Ukraine including armoured vehicles.
Prime Minister Anthony Albanese is considering requests from Ukraine to send more military equipment and potentially providing training.
