DAVID KOCH:
Treasurer, you sit on Australia's National Security Committee. What's the latest that you're hearing from intelligence overseas about how seriously we should be taking this nuclear threat?
JOSH FRYDENBERG:
Well, this is a very clear escalation of the crisis. And as we speak, there are hundreds of thousands of Ukrainians who are looking for safe haven. There are people cowering in bunkers in Kyiv as the bombs are dropping. And Australia has been part of a global effort, Kochie, to put in place sanctions on Vladimir Putin and his cronies, more than 350 individuals and counting. Last night, I spoke to my US counterpart, US Treasury Secretary Janet Yellen, and we agreed to work together to turn the screws on Vladimir Putin and his cronies. This crisis has a long way to go. But Australians watching your program this morning should be under no illusions as to the threat that Vladimir Putin poses to peace across Europe. Ukraine, a country of 44 million people, is a peaceful country. Russia was not threatened by Ukraine. They're not acting in self defence. This is clearly a criminal act against the people of Ukraine and the world needs to speak with one voice against Vladimir Putin on this.
DAVID KOCH:
What more can we be doing? Germany is sending military weapons to Ukraine. Should we be doing the same? Should we be expelling the Russian ambassador?
JOSH FRYDENBERG:
Well, with respect to the ambassador, the Foreign Minister has already said that is a live option, and we're working that through, and obviously talking to our international counterparts. With respect to the military equipment, we're talking to our partners in the United States and the United Kingdom about the nature of such equipment, where it can be sourced from, how it can be provided, as well as obviously the non‑lethal equipment that we are going to help provide the people of Ukraine. This is very much a global effort. Australia's economic exposure to Russia and the Ukraine is minimal. Ukraine and Russia represent just 0.2 per cent of our total trade. But Australians will feel the impact of the global economic headwinds that are created by this crisis. We've already seen increases in the price of oil. The Russian financial system is under real pressure, and the stock market has fallen by around 40 per cent in the last week alone. The currency is down by more than 10 per cent, and this crisis is escalating by the day.
DAVID KOCH:
Yes, it is a very tricky, sensitive situation at the moment. Treasurer, thank you for your time.