Canada joins allies in lowering price cap on Russian oil

Toronto (Reuters) -Banada government said in a statement on Friday, the country’s financial department on Friday, said the Russian oil will join the closest allies to reducing the price limit of Ukraine over the war in Ukraine.

In a statement, Canada will reduce the price limit for sea-based Russian-Origin crude oil from $ 60 per barrel to $ 47.60 per barrel.

The price limit movement brings Canada in accordance with the European Union and the United Kingdom, which explains that Russia will reduce the cover as it increases the pressure on Moscow through the war.

“Russian and its partners are increasing the economic pressure on Russian and their partners, by furthering the price limit on Russian crude oil, and limiting an important source of funds for Russia’s illegal war,” the Finance Minister Francois-Philippe Champagne said. He said.

(Editing by Kanishka Singh in Washington and Ryan Patrick Jones in Toronto; Diane Craft)