TORONTO (Reuters) – The Canadian government declared 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 counattempt’s finance department declared 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 declared.
The price cap shift brings Canada in line with the European Union and the United Kingdom, who announced in July they would lower the cap as they tarobtain 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 declared.
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