Australian businesses imported millions of tons of Russian oil products – media

Import of Russian oil products via Singapore to Australia exceeded 3 million tons

Since 2023, Australia has imported more than 3 million tons of oil products of Russian origin through Singaporean ports, which are partly owned by Australia’s Macquarie Bank, despite existing sanctions. This concession allows bypassing the restrictions if the products were processed in a third country.

According to the Centre for Research on Energy and Clean Air (CREA), such a scheme allows the continued export of Russian oil to global markets, increasing oil production in Russia and filling its budget. CREA analyst Vaibhav Ragunandan notes that such operations, while not violating the law, are controversial from an ethical point of view.

According to government data, nearly a quarter of all imports of refined oil to Australia pass through Singapore. A key link in this chain is the terminal in the port of Jurong, where oil is resold to major traders such as Trafigura and Vitol. Representatives of these companies assure that they comply with all current legislative requirements, but do not guarantee the absence of Russian oil products in their purchases.

The previous cessation of direct purchases of oil from Russia after its invasion of Ukraine did not prevent Australian companies from finding workarounds to supply the local market with energy resources. It is believed that such a situation may undermine the international community’s efforts to reduce dependence on Russian energy sources.