Following the lead of the European Union and the United Kingdom, the Canadian government has also reduced the price cap on Russian crude oil to $47.60 per barrel in response to the ongoing conflict in Ukraine, Azernews reports.
According to a statement published on the official website of the Canadian government, the move aligns with recent measures announced by the EU and the UK. Canada has lowered the cap from $60 to $47.60 per barrel as part of its coordinated sanctions against Russia.
The decision came into effect on September 3. With this step, Ottawa aims to further limit Russia’s ability to generate revenue from energy exports.
It’s worth noting that in July, the European Union approved its 18th sanctions package against Russia, which includes sweeping restrictions targeting the country’s oil and gas sector.
