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Australia Targets Russian War Economy With New Oil Sanctions and Vessel Crackdown
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![Photo of Dariia Mykhailenko]( "Photo of Dariia Mykhailenko")
The Australian government has announced new measures against Russia’s war economy, lowering the price cap on Russian oil exports from $60 to $47.60 per barrel and imposing targeted sanctions on an additional 95 “shadow fleet” vessels.
According to Australian Ministry of Foreign Affairs on September 18, the move aims to cut the market value of Russian crude and reduce revenues fueling the Kremlin’s full-scale invasion of Ukraine.
Australia coordinated the decision with international partners, including the European Union, the United Kingdom, Canada, New Zealand, and Japan. The country also maintains a full ban on imports of Russian oil and refined petroleum.
“Shadow fleet vessels are used to circumvent international sanctions and support Russia's war economy. They also pose serious environmental and maritime safety risks by operating under deceptive practices, including flag-hopping, disabling tracking systems, and operating with inadequate insurance, to enable the illicit trade of Russian oil and other sanctioned goods,” the statement read.
In total, Australia has imposed more than 1,600 sanctions against Russia since the start of the full-scale invasion, the ministry reported. Officials stressed that these measures are designed to weaken Moscow’s ability to finance its aggression and to reinforce global support for Ukraine’s sovereignty and territorial integrity.
Earlier, Australia imposed new targeted financial sanctions and travel bans on 14 individuals involved in suppressing political freedoms in Russia and supporting Moscow’s war against Ukraine.
