Canada lowers Russian oil price cap by 12%

Canada’s Finance Minister François-Philippe Champagne announced this during a press conference in Ottawa, Ukrinform reports.

Canada’s Finance Minister François-Philippe Champagne said that Canada is increasing economic pressure on Russia by targeting one of its key sources of revenue. He added that by reducing Russia’s oil income, the country is directly limiting Russia’s ability to finance its illegal war in Ukraine.

The Finance Ministry clarified that Canada lowered the price cap on Russian oil from $60 to $47.6 per barrel.

Canada’s Finance Minister emphasized that the price cap adjustment reflects market realities, but also sends a clear message: their sanctions will remain tough, targeted, and effective, and will stay in place as long as necessary.

The Finance Ministry added that the price cap reduction was coordinated with the EU and the UK.

• In early August, it was reported that Canada would join the reduction of the Russian oil price cap, a move previously taken by the European Union and the United Kingdom.