The Australian Government is lowering the Russian Oil Price Cap and imposing targeted sanctions on a further 95 Russian 'shadow fleet' vessels.
The action to lower the Oil Price Cap, from USD60 a barrel to USD47.60, will drive down the market value of Russian crude oil and help starve the Russian war economy of oil revenue.
Australia has taken this action alongside our international partners, including the European Union, the United Kingdom, Canada, New Zealand and Japan. Australia maintains its total ban on imports from Russia of oil and refined petroleum.
Australia will also impose targeted sanctions on a further 95 Russian 'shadow fleet' vessels. With these additional listings, the Albanese Government has now sanctioned more than 150 shadow fleet vessels since doing so for the first time in June 2025.
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.
Australia has imposed over 1,600 sanctions in response to Russia's full-scale invasion of Ukraine, which support Ukraine in defending its sovereignty and territorial integrity. We will continue to take coordinated and decisive action to disrupt Russia's ability to fund its invasion, including through constraining its oil revenues.
Australia renews its calls on Russia to immediately end this war and withdraw from Ukrainian territory. We remain steadfast in our support for a comprehensive, just and lasting peace for Ukraine.
