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Reçu aujourd’hui — 9 août 2025
  • ✇Euromaidan Press
  • Canada joins EU and UK in slashing Russian oil price cap to $47.60 — Japan and US stay out for now
    Canada joins EU and UK to lower the Russian oil price cap to $47.60 in a move aimed at cutting Kremlin revenues while avoiding shocks to global markets. The change, due in early September, leaves Japan and the US as the only G7 members not adopting the reduced limit. Shortly after Russia launched its full-scale invasion in 2022, Canada banned direct imports of Russian oil on 10 March that year. As a net crude exporter, Ottawa does not rely on Russian supply, but the lower oil price cap is intend
     
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✇Euromaidan Press

Canada joins EU and UK in slashing Russian oil price cap to $47.60 — Japan and US stay out for now

Par :Yuri Zoria
9 août 2025 à 07:30

canada joins eu uk slashing russian oil price cap $4760 — japan stay out now sovcomflot tanker russia's state-owned shipping company operates vessels part estimated 600-strong “shadow fleet” used transport

Canada joins EU and UK to lower the Russian oil price cap to $47.60 in a move aimed at cutting Kremlin revenues while avoiding shocks to global markets. The change, due in early September, leaves Japan and the US as the only G7 members not adopting the reduced limit.

Shortly after Russia launched its full-scale invasion in 2022, Canada banned direct imports of Russian oil on 10 March that year. As a net crude exporter, Ottawa does not rely on Russian supply, but the lower oil price cap is intended to curb Moscow’s earnings while accounting for global supply chain constraints. The mechanism allows for additional cuts if coalition members agree. Since 2022, Canada has committed nearly $22 billion in combined military, financial, humanitarian, and development assistance to Ukraine, and the cap reduction adds to its ongoing pressure on the Kremlin.

Canada aligns with European allies on oil sanctions

On 8 August, the Department of Finance of Canada confirmed Ottawa will match the European Union and United Kingdom in reducing the price cap on seaborne Russian-origin crude oil from $60 to $47.60 per barrel. The measure is part of the G7-led sanctions mechanism introduced in December 2022 to restrict Moscow’s war funding. The coalition also includes Australia and New Zealand.

Finance Minister François-Philippe Champagne said the cut would increase economic pressure on Russia and limit a crucial source of funding for its war in Ukraine. Foreign Minister Anita Anand stressed Canada’s commitment to applying sustained pressure on Moscow. Kyiv has pressed for an even lower $30 limit.

Japan and US not joining the cut

Most G7 members will introduce the lower cap in September. Japan and the US have not signed on, but Canada remains part of the Price Cap Coalition and may follow future reductions agreed within the group.

The new limit applies only to seaborne crude. Caps on refined products remain unchanged at $100 per barrel for high-value fuels such as diesel and petrol, and $45 for lower-value products such as fuel oil.
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