Canada lowers the price restriction on Russian oil alongside its friends

The Canadian government’s finance department announced in a statement Friday that it will decrease the price cap for Russian oil due to its ongoing war in Ukraine, joining some of its closest friends in doing so.

According to the announcement, Canada will reduce the price restriction for seaborne crude oil of Russian origin from $60 per barrel to $47.60.

The price cap move aligns Canada with the European Union and the United Kingdom, who declared in July that they would reduce the cap in order to increase pressure on Moscow over the war and target Russia’s oil profits.

“Canada and its allies are increasing economic pressure and restricting a vital source of funding for Russia’s illegal war by further reducing the price cap on Russian crude oil,” said Finance Minister Francois-Philippe Champagne.