US EditionCanada joins allies in lowering price cap on Russian oil
CANADA, AUG 8 – The Canadian government reduces the price cap on Russian oil imports to tighten sanctions and curb Russia's oil revenue amid ongoing geopolitical tensions.
- On Friday, Canada declared it will decrease the maximum allowable price for Russian maritime crude oil shipments to $47.60 per barrel, down from the previous limit of $60.
- This cap reduction follows Russia’s illegal invasion of Ukraine and builds on an international coalition led by G7 countries, Australia, and New Zealand.
- The price cap, first implemented on December 2, 2022, aims to restrict Russia’s ability to fund its military operations in Ukraine by limiting oil revenues.
- The Department of Finance indicated that reducing the price cap will diminish Russia’s capacity to support its unlawful conflict and increase pressure on Putin’s military operations.
- Canada continues to support Ukraine’s sovereignty and, alongside allies, intends to maintain economic pressure on Russia to end the conflict.
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Canada joins allies in lowering price cap on Russian oil
The Canadian government said on Friday it will join some of its closest allies in lowering the price cap for Russian oil over its continued war in Ukraine, the country's finance department said in a statement on Friday.
Canada Joins Allies in Lowering Russian Oil Price Cap Amid Ukraine Conflict
The Canadian government has decided to reduce the price cap on Russian seaborne crude oil to $47.60 per barrel, aligning itself with the European Union and the United Kingdom. This decision aims to restrict Russia's oil revenue, intensifying economic pressure on Moscow over its ongoing war in Ukraine.
Canada joins in lowering Russian oil price ceilingCanada is lowering the price ceiling for Russian oil to $47.60 per barrel. The decision increases economic pressure on Russia over the war in Ukraine.
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