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Monday, September 26, 2022

Australia to Ban Oil and Gas Imports from Russia

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Australia will ban imports of Russian oil and oil products as well as gas and coal, Australian Foreign Minister Marise Payne announced on Friday.

“The Australian government is prohibiting the import into Australia of Russian oil, refined petroleum products, gas and coal. These energy products are Russia’s largest global source of export revenue. This decision does not risk Australia’s fuel security. Australia has diverse and resilient oil supply chains, and adequate fuel supplies,” Payne told the Guardian Australia, noting that Australia does not import Russian oil in large quantities and the measures it has taken “with key partners will collectively curtail Russia’s revenue”.

The Australian government’s decision is expected to take effect in 45 days after the country receives shipments of crude oil from Russia that have already been purchased.

Read Also: U.S and Other Western Nations Ban Russian Oil

Russian Oil

Earlier, it was reported that Australia’s largest oil refining company Ampol had refused to buy crude oil and oil products from Russian suppliers, saying it will completely switch to raw materials from Southeast Asia, Africa, North America and the Middle East. In 2020, Australia imported A$59 million ($43 million) worth of oil and oil products from Russia.

Russian President Vladimir Putin said in a televised address on February 24 that in response to a request by the heads of the Donbass republics he had decided to carry out a special military operation. He stressed that Moscow had no plans of occupying Ukrainian territories. After that, the US, the EU, the UK and several other states announced that they would impose sanctions against Russian legal entities and individuals.

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