Australia forces down Russian oil, slaps sanctions on Kremlin’s shadow fleet

Australia is forcing down the price of Russian oil and slapping further sanctions on the “shadow fleet” secretly selling it in a bid to “starve” Vladimir Putin’s war machine.

Foreign Minister Penny Wong announced on Thursday Australia would drop the oil price cap imposed on Russia’s black gold from USD$60 a barrel to USD$47.60.

Senator Wong said the move, taken with other Western allies, would plunge “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,” she said in a statement.

“Australia maintains its total ban on imports from Russia of oil and refined petroleum.”

She also said Canberra imposed “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,” Senator Wong said.

The Russian Government uses its shadow fleet to illegally trade goods amid increasing political and economic isolation over its years-long war in Ukraine.

Australia has imposed more than 1600 sanctions on Russia since it invaded its smaller neighbour, earning it a place on the Kremlin’s list of “unfriendly countries”.

Senator Wong vowed Canberra would “continue to take co-ordinated and decisive action to disrupt Russia’s ability to fund its invasion”.

“Australia renews its calls on Russia to immediately end this war and withdraw from Ukrainian territory,” she said.

“We remain steadfast in our support for a comprehensive, just and lasting peace for Ukraine.”

More to come.