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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Iran's Revolutionary Guards Navy said a Togo-flagged oil tanker was struck while attempting to make an “illegal passage” through the Strait of Hormuz, Iranian state media said early on Friday.
Saudi civil defence sent an all-clear on Saturday after issuing alerts for a second time for potential danger in Riyadh and the city of Al-Kharj east of the capital, amid an uptick in attacks by Iran-aligned Houthis on the Gulf country.
The European Union will disburse €3.3 billion ($3.8 billion) to Ukraine for missiles and drones, European Commission President Ursula von der Leyen said after a phone call with Ukrainian President Volodymyr Zelenskyy.
The U.S. State Department approved a $2.7 billion military sale to Ukraine for air-defence development upgrades, along with related equipment and services, the department said. Meanwhile, Ukrainian authorities reported at least 10 people had died in Russian attacks over the last 24 hours.
Here's your AnewZ Daily Brief for 18 September 2026. These are the top five stories making headlines in the field of science.
The U.S. State Department approved a $2.7 billion military sale to Ukraine for air-defence development upgrades, along with related equipment and services, the department said. Meanwhile, Ukrainian authorities reported at least 10 people had died in Russian attacks over the last 24 hours.
Cuba's electrical grid suffered a total collapse on Friday, plunging the nation into darkness and leaving millions without power amid a U.S. pressure campaign that has largely blocked oil from reaching the Caribbean's largest island.
A China Coast Guard vessel rammed a Philippine boat on a refueling mission in the South China Sea, the Philippine Coast Guard (PCG) said, in the latest confrontation between the two countries in disputed waters.
U.S. President Donald Trump said on Friday that additional news organisations could be barred from the White House, hours after announcing bans on CNN, MS NOW and Politico over coverage he described as “fake news”.
U.S. President Donald Trump announced an agreement with Denmark and Greenland on Friday that would significantly expand Washington’s military presence on the Arctic island and give the United States what he described as permanent authority over its security.
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