Australia has announced new sanctions targeting Russia’s oil revenues, blacklisting 95 vessels from Moscow’s so-called “shadow fleet” and joining allies in lowering the oil price cap.
Russia relies on this fleet of aging, often uninsured tankers to bypass restrictions, sell oil below the price cap, and conduct espionage, News.Az reports, citing foreign media.
Australia will now align with the EU, U.K., Canada, Japan, and New Zealand in cutting the price cap on Russian crude from $60 to $47.60 per barrel. The cap, first imposed by the G7 in December 2022, aims to curb Moscow’s revenue from oil sales while limiting global market disruptions.
“This step will drive down the market value of Russian crude oil and help starve the Russian war economy of oil revenue,” Australian Foreign Minister Penny Wong said. “We will continue to take coordinated and decisive action to disrupt Russia’s ability to fund its invasion.”
With the latest measures, Australia has imposed around 1,600 sanctions in response to Russia’s full-scale invasion of Ukraine and designated over 150 shadow fleet vessels.
Kyiv has repeatedly urged international partners to increase pressure on Moscow, while U.S. President Donald Trump recently signaled readiness to step up measures but demanded the EU first halt Russian oil purchases completely.
