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11 Mar, 2022 10:36

Australia joins Russian oil import ban

Sanctions will come into force only after the arrival of shipments that have already been purchased
Australia joins Russian oil import ban

Australia has joined the US in introducing a ban on purchases of Russian oil, according to a spokesperson for Foreign Minister Marise Payne. The measure will come into effect only after the arrival of shipments that have already been ordered and paid for.

The ban is part of broader penalties imposed on Russia over its military operation in Ukraine, which also cover imports of Russian refined petroleum products, gas and coal.

The paid-up deliveries of crude from Russia are expected to be shipped to two local oil-processing majors, Viva Energy and Ampol, within 45 days. The cargoes were reportedly purchased prior to the conflict.

Australia is not a major importer of Russian energy products. In 2021, the nation purchased slightly less than one million barrels of crude from Russia, or just 1.2% of total oil imports, at a cost of $73.9 million, according to government statistics.

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