The Canadian government has announced a reduction in the price cap on Russian crude oil from $60 to $47.6 per barrel. This reduction was imposed previously by the European Union and the UK.
“Canada is taking decisive action to reduce Russia’s oil revenues and limit Russia’s ability to fund its war machine. By aligning with our partners and adapting to market conditions, we are reinforcing our commitment to Ukraine and to international peace and security,” Canadian Foreign Minister Anita Anand said.
The new ceiling on oil prices provides for a 45-day period of non-application of duties for oil loaded on ships.
For the first time, Canada introduced oil price cap measures for Russian oil in December 2022.
In April 2025, the Ministry of Economic Development of the Russian Federation published an estimate of oil exports from Russia for 2025. This estimate was reduced by 3.8 million tons to 229.7 million tons. Earlier, the ministry had planned that 233.5 million tons of oil would be exported from Russia in December 2012.
