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.
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Start your day informed with the AnewZ Morning Brief. Here are the top stories for 26 June, covering the latest developments you need to know.
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