Canada, UK, and EU Move to Tighten Price Cap on Russian Oil
Canada has announced plans to join the European Union and the United Kingdom in further lowering the price cap on Russian crude oil, aiming to intensify economic pressure on Moscow over its war in Ukraine.
The Gaze reports this, referring to a statement made by the Canadian government.
Finance and National Revenue Minister François-Philippe Champagne and Foreign Affairs Minister Anita Anand said on Friday that Ottawa will work with its partners to reduce the cap from the current $60 to $47.60 per barrel.
“These actions are consistent with Prime Minister Carney’s announcement of measures in support of Ukraine at the G7 Summit including further sanctions on individuals, vessels and entities that continue to support Russia’s aggression in Ukraine,” the ministers said in a joint statement.
The Canadian government reaffirmed its “steadfast stance against Russia’s unjust and unprovoked war” and its commitment to defending Ukraine’s sovereignty, independence, and territorial integrity.
Legislative changes to implement the new price ceiling are expected in the coming weeks.
The EU formally adopted the lower oil price cap on Friday as part of its 18th sanctions package against Russia, after Slovakia and Malta dropped their objections.
“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. Our government has been a steadfast ally to Ukraine, and we will continue to support them in defending their territorial integrity, sovereignty, and peace for its people,” Champagne said.
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