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Canada Cuts Russian Oil Price Cap to $47.60 Amid War

8/9/2025

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Summary

Story summary

In a bold move to intensify economic pressure on Russia during its ongoing war in Ukraine, the Canadian government is slashing the price cap on Russian seaborne crude oil from $60 to $47.60 per barrel. This strategic alignment with the European Union and the United Kingdom seeks to undermine the oil revenues that fuel the conflict.

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Story summary

In a bold move to intensify economic pressure on Russia during its ongoing war in Ukraine, the Canadian government is slashing the price cap on Russian seaborne crude oil from $60 to $47.60 per barrel. This strategic alignment with the European Union and the United Kingdom seeks to undermine the oil revenues that fuel the conflict.