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Australia Tightens Grip on Russian Oil Revenues with New Sanctions

Australia: Australia announced new measures Thursday to reduce Russia's oil revenues, including lowering the price cap on Russian oil and sanctioning more "shadow fleet" vessels. Foreign Minister Penny Wong stated that the Australian government will reduce the oil price cap from $60 per barrel to $47.60 in collaboration with partners such as the European Union, the UK, Canada, New Zealand, and Japan.

According to Anadolu Agency, Wong announced that Australia will impose targeted sanctions on an additional 95 Russian 'shadow fleet' vessels. With these new listings, the Albanese Government has now sanctioned more than 150 shadow fleet vessels since initially doing so in June 2025. Wong emphasized that Canberra's total ban on oil and refined petroleum imports from Russia remains firmly in place.

Wong urged Russia to immediately end the ongoing war and withdraw from Ukrainian territory, reiterating Australia's unwavering support for Ukraine's sovereignty and territorial integrity. To date, Australia has imposed over 1,600 sanctions in response to Russia's actions in Ukraine.