Millions of tonnes of Russian oil have been sold through a subsidiary owned by Macquarie Bank and possibly sold to Australian businesses, new data shows.
The identification of a new link between Australia and the trade in products of Russian origin reveals further gaps in government standards, as Australia lags behind the EU and the UK in tightening import rules.
Australia stopped buying fuel directly from Russia after the invasion of Ukraine but has more than 3m tonnes of Energy and clean air (Crea) found.
Sanctions in Australia allow purchases through third countries, which is Europe in Crea Research analyst Vaibhav Raghunandan said that indirectly supports Russia’s oil production and the Kremlin’s tax revenues.
“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 its ethics,” Raghundan said.
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“This clearly undermines Australia’s support for Ukraine. It not only allows the continued flow of oil to Russia but also allows Australian companies.”
As of January 2023, Australia is buying almost a quarter of its refined petroleum imports from Singapore, government data shows.
National-East Asian Knowledge received more than 22m tons of refined oil products from Russia during the period, according to the analysis of KPLER CORRANAN, and a KPLER Engineer Corrigan, a KPLER engineer Corrigan, a KPLER CORRANAN engineer, and confirmed by Crea.
A third of the volumes went to Jimong Port Universal Terminal, which is both a Macquarie Investment Fund.
A Macquarie spokesperson said the terminal is majority owned by a Singapore-owned entity and is subject to Singaporean and international regulations. A spokesperson for the terminal said it has robust processes to ensure due diligence and fully complies with applicable laws and sanctions.
It did not disclose how Macquarie financially benefited from the investment in the terminal or guarantee that the terminal did not sell to Australia in Australia, when asked.
Kateryna Argyrou, Chaird of the Australian Federation of Ukrainian organizations, called Macquarie Bank to review its investment if the terminal facilitates the handling of Russian oil.
“Australia cannot stand by Ukraine while Australian capital helps sustain Russia’s war economy,” Argyrou said.
“Every drop of Russian sold to Russia helps destroy Ukrainian homes and lives. Australians should learn from that.”
The Singaporean government has been contacted for comment.
Selling from Singapore
Australian operating companies legally buy oil from Indian facilities with heavy Russian imports, in the past confirmed. The same thing happens in Singapore, Corrigan’s analysis shows.
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Part of the terminal owned by Macquarie sold oil to companies including Trafigura, which in August received a $135m government grant from the South Australian government, and vitol, the analysis showed.
Shell Petrol Station operator and Australian Defense Force Supplier, Viva Energy, buys the oil from vitol. Spokespeople for Vitol, VIVA Energy and Trafigura each said their businesses operate in full compliance with all applicable laws and regulations, including sanctions.
They did not guarantee that they did not buy or sell Russian-sourced oil products to Australian businesses, consumers and government agencies, when asked.
A spokesperson for Trafigura said it does not market to the listed entities and a spokesperson for VitOn has close ties to and operates them.
The Foreign Minister, Penny Wong, called on businesses to ensure their supply chains do not directly fund the Russian government.
“Australians expect their businesses to ensure that their supply chains do not knowingly fund Russia’s illegal and immoral invasion of Ukraine. Businesses must face Senate estimates in October.
He declined to introduce further trade restrictions, saying the government would struggle to track indirect purchases. Australia is weighing options to put more pressure on Russian oil revenues, a spokesperson for Australia’s Department of Foreign Affairs and Trade said.
the European Union and United Kingdom In October sanctions were announced on third-party owners of Russian materials from 2026, including by targeting specific terminals and refineries.
Adapting the sanctions may be necessary to reduce the Kremlin’s oil revenues, according to Dr Anton Moiseenko, a senior lecturer at the Australian National University.
“It’s important to move that step,” he said.
“If not [refineries] … Keep buying Russian oil, and then the refined products go to places like Australia, and all that combined to create a market that runs billions of government. “