‘Loophole’ in sanctions allowing Russian oil to be imported to Australia through port part-owned by Macquarie Bank

Storage tanks on Jurong Island in Singapore. Australia’s sanctions allow purchases of Russian oil via third countries which indirectly support Kremlin’s tax revenues, expert says. Photograph: Bloomberg/Getty Images

Millions of tonnes of Russian oil have been traded through a port part-owned by Macquarie Bank and potentially sold on to Australian businesses, new data shows.

The identification of a new link between Australia and the trade in Russian-origin products exposes further gaps in government sanctions, as Australia lags behind the EU and the UK in tightening import rules.