Australia sanctions 95 Russian 'shadow fleet' vessels, lowers oil price cap
The Australian government on Sept. 18 announced new measures targeting Russian oil revenues, including sanctions against 95 "shadow fleet" vessels.
Russia uses its shadow fleet of aging and largely uninsured tankers to sell oil below the price cap and carry out espionage.
Australia is also joining the EU, the U.K., Canada, Japan, and New Zealand in lowering the price cap on Russian oil from $60 to $47.60 per barrel.
The G7 originally imposed the price cap in December 2022 to curb Russia's oil sales, one of its key sources of revenue, without overly disrupting global markets.
The 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 in a statement.
"We will continue to take coordinated and decisive action to disrupt Russia's ability to fund its invasion, including through constraining its oil revenues."
With the latest measures, Australia has imposed 1,600 sanctions in response to Russia's full-scale invasion of Ukraine and designated over 150 shadow fleet vessels.
Kyiv has urged its international partners to increase pressure on Moscow through sanctions and force it to meaningful negotiations. U.S. President Donald Trump recently said he is ready to step up pressure but demanded that the EU first completely halt purchases of Russian oil.
