Canada, Together With The EU And Britain, Has Decided To Lower The Price Threshold For Russian Oil

The Kremlin is losing money.

Canada, together with the European Union and Britain, plans to lower the price cap for Russian-origin oil.

The Canadian government press office reported.

It is noted that the price cap wants to be lowered over time from $60 to $47.60 per barrel.

"Lowering the price cap will weaken Russia's ability to finance its illegal war and put new pressure on Putin's military apparatus. The necessary changes to Canadian legislation are scheduled to be introduced in the coming weeks," the Canadian government said in a statement.

The price cap reduction mechanism recognizes supply chain constraints in global energy markets and minimizes negative economic impacts. However, the newly proposed mechanism allows for adjustments to be made so that price restrictions can be further reduced in the future.

"Lower crude oil prices increase economic pressure and limit a critical source of funding for Russia's illegal war. Our government has always been a staunch ally of Ukraine and we will continue to support it in defense of its territorial integrity, sovereignty and peace," said Canadian Finance Minister Francois-Philippe Champagne.

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