Published by Global Banking & Finance Review®
Posted on August 8, 2025
1 min readLast updated: January 22, 2026
Add as preferred source on GoogleCanada joins allies in reducing the Russian oil price cap to $47.60, aligning with EU and UK to pressure Russia economically over Ukraine.
TORONTO (Reuters) -The Canadian government said on Friday it will join some of its closest allies in lowering the price cap for Russian oil over its continued war in Ukraine, the country's finance department said in a statement on Friday.
Canada will lower the price cap for seaborne Russian-origin crude oil to $47.60 from $60 per barrel, the statement said.
The price cap move brings Canada in line with the European Union and the United Kingdom, who announced in July they would lower the cap as they target Russia's oil revenues and ramp up pressure on Moscow over the war.
“By further lowering the price cap on Russian crude oil, Canada and its partners are ratcheting up the economic pressure and limiting a crucial source of funding for Russia’s illegal war," Finance Minister Francois-Philippe Champagne said.
(Reporting by Kanishka Singh in Washington and Ryan Patrick Jones in Toronto; editing by Diane Craft)
Canada will lower the price cap for seaborne Russian-origin crude oil to $47.60 from $60 per barrel.
The move aims to increase economic pressure on Russia and limit funding for its ongoing war in Ukraine.
Canada's decision aligns with the European Union and the United Kingdom, who also announced a reduction in the price cap.
By lowering the price cap, Canada and its partners are intensifying economic pressure on Russia, targeting its oil revenues.
The article was reported by Kanishka Singh in Washington and Ryan Patrick Jones in Toronto.
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