Canada plans to follow the European Union and Great Britain in further lowering the price ceiling for oil of Russian origin.
This is stated on the website of the Government of Canada.
The country plans to lower the upper limit of the price for Russian oil from $60 to $47.60 per barrel.
"A lower price ceiling will weaken Russiaʼs ability to fund its illegal war and will renew pressure on Putinʼs military apparatus. The necessary regulatory changes in Canada are planned for the coming weeks," the government said.
Restrictions for Russian oil
In early December 2022, the G7 members, as well as Australia and the European Union, capped the price of Russian oil at $60 per barrel. From February 5, 2023, these countries introduced a new price ceiling for Russian oil products: $100 for diesel fuel, $45 for various lubricants. To circumvent oil sanctions, Russia began forming a shadow fleet.
In July 2024, British Prime Minister Keir Starmer said that Russiaʼs shadow fleet consists of almost 600 ships and accounts for about 10% of the worldʼs "wet cargo" fleet. Some of the ships of the shadow fleet function as Russian listening stations, while others transport weapons to Russia. With the help of the shadow fleet, the Russian Federation transports about 1.7 million barrels of oil per day, which brings large profits to the Kremlin. In 2023, Russia earned $188 billion from oil exports. In December, Ukrainian intelligence compiled a dossier on 238 ships and 31 captains belonging to the shadow fleet, with the help of which Russia and Iran circumvent oil sanctions and deliver sanctioned oil.
On January 10, the United States imposed a large-scale package of sanctions against Russian oil companies. 184 Russian tankers, including those from the Russian shadow fleet, were subject to restrictions.
On July 18, 2025, the EU imposed its 18th package of sanctions, which, among other things, provided for a reduction in the price ceiling for Russian oil to $47.6 per barrel. Britain later joined the price reduction.
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