On 18 September 2025 the Foreign Minister announced Australia had lowered the Oil Price Cap (OPC) applicable to Russian-origin crude oil from USD60 to USD47.60 per barrel.
Current sanctions
Australia implements a total ban on the importation of Russian-origin products (including oil, gas, refined petroleum products and coal) as defined in Chapter 27 of the Combined Australian Customs Tarriff Nomenclature and Statistical Classification. These goods are designated as import sanctioned goods in Schedule 1 of the Autonomous Sanctions (Import Sanctioned Goods - Russia) Designation 2022.
Under Australian sanctions laws:
- the importation, purchase or transport of import sanctioned goods, and
- the provision of financial assistance or financial services that assist with, or are provided in relation to the above are prohibited without a sanctions permit.
Financial services subject to this prohibition include:
- investment services
- services providing financial advice
- brokering services
- insurance and reinsurance
- financial derivatives.
Implementation of the OPC
The OPC means Australian individuals and companies can only provide transport and financial services in relation to Russian-origin oil and refined petroleum products when those products are purchased by third countries below the relevant price caps. As at 18 September 2025, the applicable price caps are:
- USD47.60 per barrel for crude oil
- USD100 per barrel for high value refined petroleum products
- USD45 per barrel for low value refined petroleum products.
The OPC is implemented domestically via permits. The general permits that previously authorised OPC related activities have now expired. If you are an Australian or Australian body corporate seeking to provide these services, please contact the Australian Sanctions Office (through our online portal, Pax) to apply for a permit or to request further information.
