The Australian government has decided to join the EU’s sanctions and lower the Russian oil cap from USD60 per barrel to USD47.6.
This action will reduce the market value of Russian crude oil and starve Russia’s economy of oil revenues, stated the Ministry of Foreign Affairs.
In addition, Australia has imposed targeted sanctions on 95 more vessels of the Russian shadow fleet. These vessels are used to evade international sanctions and support the Russian war effort, posing serious environmental and maritime risks.
Australia has imposed over 1,600 other sanctions in response to the full-scale Russian invasion of Ukraine.
