Australia has joined the restrictions on Russian oil prices imposed by the G7 countries, the Australian Department of Foreign Affairs and Trade said in a statement released on Wednesday.
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“The price ceiling is aimed at maintaining a reliable supply of oil to the world market while reducing the revenue that Russia receives from oil,” the ministry’s website said in a statement.
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According to him, the measure is “part of a comprehensive set of measures” that Australia has taken in connection with Russia’s actions in Ukraine.
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The Australian Foreign Office recalls that it has already banned the import, purchase and transportation of Russian oil and gas, oil products and coal from April 25, 2022. At the same time, it is allowed to provide financial support and financial services for the import, purchase and transportation of Russian oil, if its price is not more than 60 US dollars per barrel.
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“In order to determine whether the provision of the relevant services is permitted by this permit, the date for determining the price per barrel of Russian oil below the price ceiling is the date of the most recent secured transaction. Secured transactions are any transactions for the sale of Russian oil before Russian oil has passed through customs control of any country other than Russia,” the ministry said in a statement.
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The document emphasizes that this in no way “is a permission to import, buy or transport Russian oil,” which in Australia is prohibited by a separate provision.
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It is also noted that Australia, along with the G7 countries, plans to introduce additional price ceilings for refined petroleum products in February 2023.
