Australia continues to implement price caps on Russian oil and refined petroleum products (Oil and Petroleum Price Caps). The Australian Sanctions Office (ASO) has contacted all entities who relied on two general permits used to give effect to aspects of the Oil and Petroleum Price Caps as these permits were due to expire in December 2024 and February 2025. All entities have now transitioned to new permits and the two general permits (SAN-2022-00086 – authorising financial assistance and services in respect of Russian oil, and SAN-2023-00095 – authorising financial assistance and services in respect of Russian refined petroleum products) have been revoked.

The ASO notes that two other general permits which give effect to the remaining aspects of the Oil and Petroleum Price Caps are due to expire in February 2025 if not revoked earlier (SAN-2023-00094 – authorising the transport by ship of Russian refined petroleum products, and SAN-2023-00096 – authorising the transport by ship of Russian oil). ASO has contacted all entities that previously advised of their reliance on these two permits to discuss their requirements for a permit beyond February 2025.

Australia remains committed to implementing the Oil and Petroleum Price Caps alongside G7 partners. Entities can apply for a sanctions permit to authorise the transportation of Russian oil and refined petroleum products, and associated financial assistance and services, consistent with Oil and Petroleum Price Caps policy. ASO reminds entities that these activities are prohibited under Australian sanctions law if the entity does not hold a permit.

You can find out more on the ASO’s general permits page.