Canada Joins Allies in Lowering Russian Oil Price Cap Amid Ukraine Conflict

In a strategic economic move, Canada announced on Friday that it will reduce the price cap on Russian seaborne crude oil to $47.60 per barrel, dropping from $60. This aligns Canada's policy with its allies the European Union and the United Kingdom, as part of a concerted effort to target Russia's oil revenues amid the ongoing conflict in Ukraine.

The price cap reduction aims to restrict the financial streams supporting Russia's military operations. The Finance Department of Canada confirmed this step as part of the nation's broader strategy to uphold international sanctions and exert economic pressure on Moscow.

Finance Minister Francois-Philippe Champagne emphasized the new cap's role in curtailing funding for Russia's military endeavors, marking it as a crucial tactic among allied nations attempting to end the unlawful war. The unified international stance highlights the significant geopolitical stakes involved in tracing the contours of this economic policy.

(With inputs from agencies.)