The Australian Ministry of Foreign Affairs announced this decision.The Australian Ministry of Foreign Affairs noted that lowering the price cap on oil from $60 per barrel to $47.60 will reduce the market value of Russian crude and help deprive Russia’s war economy of revenue from raw materials.The ministry added that Australia took these measures in coordination with international partners, including the European Union, the United Kingdom, Canada, New Zealand, and Japan.“Australia maintains its total ban on imports from Russia of oil and refined petroleum,” the ministry emphasized.In addition, Australia is imposing sanctions on 95 more Russian “shadow fleet” vessels. Over 150 such ships are already under Australian restrictions.Overall, Australia has imposed more than 1,600 sanctions in response to Russia’s full-scale invasion of Ukraine.“We will continue to take coordinated and decisive action to disrupt Russia's ability to fund its invasion, including through constraining its oil revenues,” the Foreign Ministry stressed.In June, the Australian government first imposed sanctions on the Russian shadow fleet, targeting 60 ships that Russia uses to circumvent international restrictions and continue the war against Ukraine.