The Canadian government announced on Friday that it would join some of its closest allies in lowering the price cap on Russian oil due to Russia's ongoing war against Ukraine. This was reported by Reuters, citing a statement from the country's Ministry of Finance, according to UNN.
Details
"Canada will lower the price cap on Russian-origin oil to $47.60 from $60 per barrel," the publication writes.
It is reported that this decision will join Canada with the European Union and Great Britain, which announced in July that they would lower the price cap as they aim to reduce Russian oil revenues and increase pressure on Moscow over the war.
"By further lowering the price cap on Russian oil, Canada and its partners are increasing economic pressure and limiting a key source of funding for Russia's illegal war," said Canadian Finance Minister François-Philippe Champagne.
Recall
Oil prices on August 8 were heading for their biggest weekly losses since late June, as investors expressed concern about the impact on the global economy of tariffs that came into effect on Thursday.