Canada to lower seaborne Russian oil price cap

The Department of Finance Canada (Ministers François-Philippe Champagne and Anita Anand) announced Canada intends to lower the price cap for seaborne Russian-origin crude oil.

• Action announced: Canada intends to lower the seaborne Russian-origin crude oil price cap from US$60 to US$47.60 per barrel, in coordination with the European Union and the United Kingdom; regulatory changes in Canada are targeted for the coming weeks. This is a confirmed policy intention by the Government of Canada.
• Related confirmed facts: The Price Cap Coalition (G7 plus Australia and New Zealand) originally implemented the mechanism on December 2, 2022; price caps for refined products remain US$100 (high-value) and US$45 (low-value). Canada remains a member of the Price Cap Coalition, maintains a ban on direct imports of Russian oil (in force since March 10, 2022), and has committed nearly $22 billion in support for Ukraine since 2022.