Canada Hits The Kremlin: Price Ceiling On Russian Oil Lowered

Up 12%.

Canada is increasing its pressure on Russia. The country has immediately reduced the price ceiling on Russian oil by 12%.

Canada's Finance Minister Francois-Philippe Champagne said this, "Ukrinform" reports.

"Canada is increasing its economic pressure on Russia by putting pressure on one of its key sources of revenue. By cutting oil revenues, we are directly limiting Russia's ability to finance its illegal war in Ukraine," the minister said.

The ministry specified that the ceiling price for Russian oil has fallen from $60 to $47.6 per barrel, or a 12 percent drop. Champagne noted that sanctions against Russia will remain in place going forward.

"This clarification of the price ceiling reflects market realities, but also sends a clear message: our sanctions will remain tough, targeted and effective and will remain in place for as long as necessary," the minister emphasized.

The ministry noted that the reduction of the price ceiling was agreed with the European Union and the United Kingdom.

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