Canada Supports Lowering Prices on Russian Oil

• Canada is lowering the price of Russian oil to $47.60 per barrel.
• The price reduction will weaken Russia's financing of the war.
• It is forecasted to significantly decrease Russia's oil revenue.

This is reported by Ukrayinska Pravda, RBC Ukraine.

Canada has joined the European Union and the United Kingdom in efforts to reduce the price cap on Russian oil. Canadian Finance Minister François-Philippe Champagne and Minister of Foreign Affairs Anita Anand announced that the price of oil would be reduced from $60 to $47.60 USD per barrel.

This move, according to the government, will weaken Russia's ability to finance its war, while also applying pressure on Putin's military apparatus. Regulatory changes in Canada are expected in the coming weeks.

The mechanism for lowering prices takes into account restrictions in global energy markets and minimizes negative economic consequences. It allows for further coordination, which could lead to even greater price reductions in the future.

It is noted that in July, the EU introduced a new sanctions package against Russia, which includes new restrictions on the price of Russian oil. According to forecasts, Russia could lose between $15 to $30 billion in oil revenue by the end of 2025 due to the new sanctions.

Tags: Russia/Energy