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Australia Cuts Russian Oil Cap to $47.60, Allies Join

9/18/2025

Summary

Story summary

Australia has reduced the price cap on Russian oil exports from $60 to $47.60 per barrel, targeting 95 "shadow fleet" vessels to disrupt Russia's war economy.
Japan and New Zealand have joined this effort, implementing similar price cap reductions and sanctions against Russian entities.
These coordinated actions aim to limit Russia's oil revenues, essential for funding its invasion of Ukraine, while minimizing disruptions to global energy markets.
This decision follows the EU's earlier price cap reduction, highlighting growing international pressure on Russia amid the ongoing conflict.

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Story summary

Australia has reduced the price cap on Russian oil exports from $60 to $47.60 per barrel, targeting 95 "shadow fleet" vessels to disrupt Russia's war economy.
Japan and New Zealand have joined this effort, implementing similar price cap reductions and sanctions against Russian entities.
These coordinated actions aim to limit Russia's oil revenues, essential for funding its invasion of Ukraine, while minimizing disruptions to global energy markets.
This decision follows the EU's earlier price cap reduction, highlighting growing international pressure on Russia amid the ongoing conflict.