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2mo ago

Canada to Lower Russian Crude Price Cap to $47.60 in Step With EU and UK

Ottawa says the tighter cap will slash revenue streams for Moscow’s war machine with regulatory amendments set to take effect in the coming weeks.

Russian flag with stock graph and an oil pump jack miniature model are seen in this illustration taken October 9, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
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Overview

  • Canada will reduce the seaborne Russian-origin crude price cap from US$60 to US$47.60 per barrel in coordination with the European Union and the United Kingdom.
  • Officials say the new limit is designed to further curtail Russia’s ability to finance its military operations in Ukraine while maintaining global energy supply stability.
  • Canadian regulators will implement the necessary rule changes in the coming weeks to enforce the lower cap and close loopholes exploited by shadow shipping and insurance networks.
  • Price caps on refined oil products remain unchanged at US$100 for high-value fuels and US$45 for low-value products, and Canada’s ban on direct imports of Russian oil stays in force.
  • Canada remains an active member of the Price Cap Coalition and has committed nearly $22 billion in financial, humanitarian and military aid to Ukraine since 2022.