Canada joins allies in lowering price cap for Russian oil

9/8/2025 5:38

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.