Australian Refining Companies Announce They Will Stop Buying Oil From Russia

Australian refiner Viva Energy said Tuesday (March 8) it will stop buying Russian crude, joining a growing number of companies in cutting trade ties with Russia over its invasion of Ukraine.

Viva Energy joins a handful of companies that are restricting, deferring or withdrawing from business activities in Russia following a wave of sanctions imposed on Moscow after the invasion.

A spokesman for Ampol, Australia’s only other refiner, said the company had not bought crude oil or Russian products since the conflict began.

Viva Energy, which operates in Australia under the Shell brand, said it was “horrified” by events in Ukraine, while Ampol said it deplores Russia’s actions and supports international sanctions against it.

The two companies said they import crude from many different countries, and that they will be able to maintain supplies because the Australian transport capacity market is not heavily dependent on Russian crude.

Ampol said product supply chains in Australia also normally operate without any Russian oil products.

However, Ampol acknowledged that events in Ukraine and the current international sanctions are putting pressure on global oil prices and this is affecting Australian retail fuel prices.

Reports that the United States and European allies are considering a ban on Russian oil imports pushed oil prices to their highest levels since 2008 on Monday.