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
Canada Aligns with Allies to Reduce Price Cap on Russian Oil
Canada's New Oil Price Cap Initiative
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.
Details of the Price Cap
Canada will lower the price cap for seaborne Russian-origin crude oil to $47.60 from $60 per barrel, the statement said.
International Collaboration
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.
Impact on Russian Economy
“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)
