Canada announced Wednesday that it has reduced the price cap on seaborne Russian-origin crude oil from US$60 to US$47.60 per barrel, aiming to limit Moscow’s revenue amid the ongoing war in Ukraine.
The measure, announced by Minister of Foreign Affairs Anita Anand and Minister of Finance François-Philippe Champagne, amends the Special Economic Measures (Russia) Regulations. It follows Canada’s August 8, 2025, commitment to lower the oil price cap in alignment with recent measures by the European Union and the United Kingdom.
The new rules include a 45-day non-application period for oil loaded onto a vessel and unloaded at its destination within 45 days after the amendments take effect. Canada said the flexibility allows for future adjustments if needed to further limit Russia’s revenue from energy exports.
“These oil price cap measures are part of a broader strategy to deprive Russia of the financial means to sustain its unjustified and unprovoked war against Ukraine, limit its access to global markets, target its shadow fleet, and strengthen the impact of coordinated sanctions,” the government said.
Minister Anand said the move reinforces Canada’s commitment to Ukraine and international peace and security, while Minister Champagne emphasized that targeting Russia’s oil revenue directly limits its ability to fund the war.
Canada first imposed oil price cap measures against Russia in December 2022. The European Union recently introduced a dynamic price cap mechanism for Russian crude, while the United Kingdom lowered its cap without the dynamic adjustment. Canada’s latest step reflects ongoing coordination with allies to maintain effective and adaptive sanctions.
At least 25 people have been killed after a construction crane fell on top of a train in northeast Thailand. The accident took place in the Sikhio dis...
Both U.S. and Armenia have approved a joint statement on the Trump Route for International Peace and Prosperity implementation framework, known as TRI...
Start your day informed with AnewZ Morning Brief: here are the top news stories for the 14th of January, covering the latest developments you need to ...
U.S. President Donald Trump on Tuesday dismissed Greenland’s rejection of U.S. control, responding sharply to remarks by the island’s prime minist...
A Ukrainian drone attack killed one person, injured four others and sparked fires at an unidentified industrial facility in the southern Russian city ...
Both U.S. and Armenia have approved a joint statement on the Trump Route for International Peace and Prosperity implementation framework, known as TRIPP, following talks in Washington between Armenian Foreign Minister Ararat Mirzoyan and U.S. Secretary of State Marco Rubio on Tuesday.
Start your day informed with AnewZ Morning Brief: here are the top news stories for the 14th of January, covering the latest developments you need to know.
Boeing booked more aircraft orders than Airbus in 2025 for the first time since 2018, official figures showed, even as the European manufacturer delivered more planes during the year.
Business and political leaders are gathering in Davos for the World Economic Forum’s(WEF) annual meeting as uncertainty over the global economic and political order deepens, with U.S. President Donald Trump’s policies challenging long-standing international norms.
Real Madrid have parted ways with coach Xabi Alonso, appointing former defender Álvaro Arbeloa as his replacement.
The U.S. has issued an urgent security notice calling all American citizens to leave Iran immediately, citing escalating protests, growing violence and widespread communication shutdowns across the country.
Iranian authorities have taken steps to disrupt access to Starlink satellite internet, according to users and digital-rights groups, in what appears to be the latest effort to tighten control over people’s access to the internet inside the country.
The United Nations’ top court at The Hague has begun hearings on whether Myanmar committed genocide against the Rohingya ethnic minority. Gambia told judges on Monday that Myanmar targeted minority Muslim Rohingya for destruction and made their lives a nightmare in a landmark case.
President Donald Trump said on Monday any country that does business with Iran will face a tariff rate of 25% on trade with the U.S., as Washington weighs a response to the situation in Iran which is seeing its biggest anti-government protests in years.
At least 25 people have been killed after a construction crane fell on top of a train in northeast Thailand. The accident took place in the Sikhio district of Nakhon Ratchasima province, 230 kilometres (143 miles) northeast of Bangkok, on a train bound for Ubon Ratchathani province.
Start your day informed with AnewZ Morning Brief: here are the top news stories for the 14th of January, covering the latest developments you need to know.
U.S. President Donald Trump on Tuesday dismissed Greenland’s rejection of U.S. control, responding sharply to remarks by the island’s prime minister and signalling continued interest in the Arctic territory.
A Ukrainian drone attack killed one person, injured four others and sparked fires at an unidentified industrial facility in the southern Russian city of Rostov-on-Don, regional officials said on Wednesday.
South Korea’s special prosecutor has requested the death penalty for former President Yoon Suk Yeol, accusing him of masterminding an insurrection over his brief attempt to impose martial law in December 2024.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment