A "significant loophole" in sanctions has been discovered in Australia, allowing the import of Russian oil through Singapore. Analysts believe such actions undermine Australia’s support for Ukraine.
Australia, which halted direct fuel purchases from Russia after the start of the war in Ukraine, has imported over 3 million tons of Russian-origin petroleum products since 2023. This was reported on Sunday, November 9, by The Guardian, citing data from the Centre for Research on Energy and Clean Air (CREA).
According to the publication, millions of tons of Russian oil pass through the Jurong port in Singapore, partially owned by the Australian investment bank Macquarie, and are potentially supplied to Australian companies. This port has become one of the key hubs through which fuel from Russia is processed and re-exported.
CREA expert Vaibhav Ragunandan stated that Australia's sanctions allow for the purchase of petroleum products through third countries, formally not violating the ban, but effectively supporting the Russian oil industry and tax revenues for the Kremlin.
Within the law, but beyond ethics
"This is a significant loophole that Australian buyers are taking advantage of. While acting within the law, they are undoubtedly crossing ethical boundaries," noted Ragunandan. According to him, such actions "clearly undermine Australia’s support for Ukraine." This loophole not only allows for continued oil supplies from the Russian Federation but also provides Australian companies with opportunities to profit, the expert emphasized.
According to government data, since January 2023, Australia has purchased nearly a quarter of its petroleum products from Singapore, which, in turn, imported over 22 million tons of petroleum products from Russia, as evidenced by data from the analytical agency Kpler. Approximately one-third of the supplies ended up at the Jurong port terminal.
A representative of Macquarie stated that the terminal, in which the controlling stake is held by the Singapore government, complies with Singaporean and international regulations. However, he did not disclose whether the Australian bank has gained financial benefits from its investments.
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