Canada lowers Russian oil price cap, joining allies against Moscow

Russian flag with stock graph and oil pump jack model, 9 October, 2023.
Reuters

The Canadian government announced Friday it will join key allies in reducing the price cap on Russian seaborne crude oil in response to Moscow’s ongoing war in Ukraine.

The Finance Department said the cap will drop from $60 to $47.60 per barrel, matching recent moves by the European Union and the United Kingdom.

Ottawa’s decision aims to target Russia’s oil revenues and tighten economic pressure on the Kremlin.

“By further lowering the price cap on Russian crude oil, Canada and its partners are ratcheting up the economic pressure and limiting a crucial source of funding for Russia’s illegal war,” Finance Minister Francois-Philippe Champagne said in a statement.

Tags