New data reveals millions of tonnes of Russian oil traded through a Macquarie-owned port, potentially reaching Australian businesses, highlighting gaps in Australias sanctions against Russia. Australian sanctions permit purchases through third countries, indirectly supporting Russias oil production and Kremlins tax revenues. Crea analyst Vaibhav Raghunandan calls this a significant loophole, undermining Australias support for Ukraine. Macquarie Bank urged to review its investment and disclose any facilitation of Russian oil handling. Australia sources nearly a quarter of its refined petroleum imports from Singapore, which received over twenty-two million tonnes of refined oil products from Russia, with a third passing through a Macquarie-owned port. Foreign Minister Penny Wong calls on businesses to ensure supply chains do not indirectly fund the Russian government, while the government evaluates options to pressure Russias oil revenues.
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