Despite halting direct purchases of Russian oil after its full-scale invasion of Ukraine, Australia has imported over three million tonnes of oil products of Russian origin through the Singapore port since 2023, which is partly owned by Australia's Macquarie Bank.

Source: The Guardian, citing an analysis by the Centre for Research on Energy and Clean Air (CREA)

Details: Following Russia's full-scale invasion of Ukraine, Australia stopped direct fuel purchases from the Russian Federation. However, new data indicate a loophole in government sanctions that allows the import of oil products of Russian origin if they have been refined in a third country. According to CREA, the volume of such imports to Australia has exceeded three million tonnes since 2023.

CREA analyst Vaibhav Raghunandan noted that this practice indirectly supports increased oil production in Russia and consequently boosts tax revenues for the Kremlin.

"This is a significant loophole being exploited by Australian buyers who, while on the right side of the law, are undoubtedly on the wrong side of the ethics of it," Raghunandan said.

He added that this situation not only enables the continued flow of Russian oil onto global markets but also allows Australian companies to profit from it.

Government data show that almost a quarter of all refined oil imports to Australia since January 2023 have come from Singapore.

A key hub in this supply chain is the Universal Terminal in Singapore's Jurong Port, which is partly owned by an investment fund of Australia's Macquarie Bank.

Analysts claim that around one-third of Russian oil products arriving in Singapore passed through this terminal. In response to an inquiry, a Macquarie representative said that the majority owner of the terminal is a Singaporean state entity and that its operations comply with both local and international laws. However, the bank's representative did not confirm whether the terminal had sold Russian-origin oil to Australia.

The terminal in question supplied oil to major traders such as Trafigura and Vitol. Vitol then sold it, among others, to Shell petrol stations and Viva Energy, a contractor for Australia's armed forces.

Vitol, Viva Energy and Trafigura representatives stated that their companies fully comply with all current laws and regulations, including sanctions measures. However, they did not confirm whether they had refrained from buying or selling oil products of Russian origin.

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