Canada to lower price cap for Russian oil

Minister of Finance and National Revenue François-Philippe Champagne and Minister of Foreign Affairs Anita Anand announced that Canada intends to, alongside the European Union and the United Kingdom, further restrict Russia’s war efforts by lowering the price cap for seaborne Russian-origin crude oil from US$60 to US$47.60 per barrel.

These actions are consistent with Prime Minister Carney’s announcement of measures in support of Ukraine at the G7 Summit, including further sanctions on individuals, vessels and entities that continue to support Russia’s aggression in Ukraine.

The lower price cap will weaken Russia’s ability to fund its illegal war and exert renewed pressure on Putin’s military apparatus. The required regulatory changes in Canada are targeted for the coming weeks.