Australia\u2019s sanctions allow purchases via third countries, which Crea\u2019s Europe analyst Vaibhav Raghunandan said had indirectly supported Russia\u2019s oil production and the Kremlin\u2019s tax revenues.<\/p>\n
\u201cThis 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,\u201d Raghunandan said.<\/p>\n
Sign up: AU Breaking News email<\/a><\/p>\n \u201cIt clearly undermines Australia\u2019s support for Ukraine. It not only allows the continued flow of Russian oil but also allows Australian companies to profit off it.\u201d<\/p>\n Since January 2023, Australia has bought nearly a quarter of its refined petroleum imports from Singapore, government data shows.<\/p>\n The south-east Asian nation has received more than 22m tonnes of refined oil products from Russia over that period, according to analysis of Kpler trade data by Mark Corrigan, an Australian chemical engineer, and verified by Crea.<\/p>\n A third of those volumes went to the Jurong Port Universal Terminal, which is part-owned by a Macquarie investment fund.<\/p>\n A Macquarie spokesperson said the terminal was majority-owned by a Singapore government-owned entity and subject to applicable Singaporean and international regulations. A terminal spokesperson said it had robust processes to ensure due diligence and was fully compliant with applicable laws and sanctions.<\/p>\n Neither disclosed how Macquarie had financially benefited from its investment in the terminal or guaranteed the terminal had sold no Russian oil to Australia, when asked.<\/p>\n Kateryna Argyrou, chair of the Australian Federation of Ukrainian Organisations, called on Macquarie Bank to review its investment and disclose whether the terminal had facilitated the handling of Russian oil.<\/p>\n \u201cAustralia cannot stand with Ukraine while Australian capital helps sustain Russia\u2019s war economy,\u201d Argyrou said.<\/p>\n \u201cEvery drop of Russian oil sold helps finance the destruction of Ukrainian homes and lives. Australians deserve to know whether their banks and investment funds are profiting from that.\u201d<\/p>\n The Singaporean government was contacted for comment.<\/p>\n Sales from Singapore<\/p>\n Companies with Australian operations have legally bought oil from Indian facilities with heavy Russian imports,<\/a> government officials have previously confirmed<\/a>. The same could be happening through Singapore, Corrigan\u2019s analysis indicated.<\/p>\n The terminal part-owned by Macquarie sold oil to companies including Trafigura, which in August received a $135m government bailout for its smelters in South Australia, and Vitol, the analysis showed.<\/p>\n skip past newsletter promotion<\/a><\/p>\n Sign up to Breaking News Australia<\/p>\n Get the most important news as it breaks<\/p>\n Privacy Notice: <\/strong>Newsletters may contain information about charities, online ads, and content funded by outside parties. If you do not have an account, we will create a guest account for you on theguardian.com<\/a> to send you this newsletter. You can complete full registration at any time. For more information about how we use your data see our Privacy Policy<\/a>. We use Google reCaptcha to protect our website and the Google Privacy Policy<\/a> and Terms of Service<\/a> apply.<\/p>\n after newsletter promotion<\/p>\n The Shell petrol station operator and Australian defence force supplier, Viva Energy, buys oil from Vitol. Spokespeople for Vitol, Viva Energy and Trafigura each said their businesses acted in full compliance with all applicable laws and regulations, including sanctions.<\/p>\n They did not guarantee they had not bought or sold Russian-origin oil products to Australian businesses, consumers and government agencies, when asked.<\/p>\n Trafigura\u2019s spokesperson said it did not trade with sanction-designated entities and Vitol\u2019s spokesperson said it had rigorous policies and sought an open and transparent relationship with authorities wherever it operated.<\/p>\n The foreign minister, Penny Wong, has called on businesses to ensure their supply chains do not indirectly fund the Russian government.<\/p>\n \u201cAustralians do expect that their businesses ensure that their supply chains don\u2019t inadvertently fund Russia\u2019s illegal and immoral invasion of Ukraine. Businesses should uphold that responsibility and expectation,\u201d Wong told Senate estimates in October.<\/p>\n She refused to commit to further restricting the trade, saying the government would struggle to trace indirect purchases. Australia was evaluating options to place further pressure on Russia\u2019s oil revenues, a spokesperson for Australia\u2019s Department of Foreign Affairs and Trade said.<\/p>\n The European Union<\/a> and United Kingdom<\/a> in October announced sanctions on third-party refiners of Russian material from 2026, including by targeting specific terminals and refineries.<\/p>\n Matching those sanctions would be essential to reduce oil revenue to the Kremlin, according to Dr Anton Moiseienko, a senior lecturer in law at the Australian National University.<\/p>\n \u201cIt\u2019s really important to move towards that step,\u201d he said.<\/p>\n \u201cOtherwise [refineries] \u2026 keep purchasing Russian oil, and then refined products go to places like Australia, and all of that combines to create a market that generates billions for the Russian government.\u201d<\/p>\n Quick GuideContact Guardian AustraliaShow If you have something to share about this story, you can contact the Guardian Australia news teams using one of the following methods.<\/p>\n Secure Messaging in the Guardian app<\/strong><\/p>\n The Guardian app has a tool to send tips about stories. 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