When playing safe isn't safe
May 12, 2016
Shadow fleet loophole poses hidden sanctions risk for treasurers
Australia’s corporate supply chains may be legally compliant today, however tightening sanctions on Russian oil could leave payments, lines of credit and cargo exposed. In October, the EU stepped up sanctions against Russia.
Australia’s sanctions regime is designed to block Russian oil from entering the country. In practice, the ban covers direct imports of Russian crude, but does not explicitly extend to refined fuels made from Russian oil in third countries — and the government has acknowledged it has no mechanism to determine the origin of those refined products.
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