Canada intends to join new price cap on Russian oil

20:12, 11.08.2025 1 min read

Canada is going to adopt a new price cap on Russian oil at $47.6 per barrel along with the European Union and United Kingdom, the Canadian government said in a press release.

According to the document, these actions are in line with the policies of Canadian Prime Minister Mark Carney to support Ukraine.

On July 18, the Council of the European Union adopted the 18th package of EU restrictions on Russia, which lowers the price cap on Russian oil to $47.6 per barrel. On the same day, the UK announced a reduction along with the EU of the price cap on Russian oil to $47.6 per barrel.

European Commission Spokesperson Olof Gill said on July 22 the EU wants all G7 states to join the new price cap on Russian oil it announced and is discussing this matter with them, but Brussels has not achieved its goal yet.