The Honourable Anita Anand, Minister of Foreign Affairs, and the Honourable François-Philippe Champagne, Minister of Finance and National Revenue, today announced amendments to the Special Economic Measures (Russia) Regulations to further reduce revenues flowing to Russia from its oil exports. These amendments follow a commitment made by Canada on August 8, 2025, to lower the price cap for Russian oil, after the European Union and the United Kingdom announced similar measures.
As G7 president, Canada is working closely with its allies and partners to increase pressure on Russia and support Ukraine's long-term security and recovery. In alignment with the European Union and the United Kingdom's recently announced measures, Canada has lowered its price cap for Russian crude oil from US$60 to US$47.60 per barrel. These oil price cap measures will be implemented in a manner that gives Canada the flexibility to make future adjustments should decisions be made to further reduce the price cap. They are also designed to reflect current market conditions and reduce Russia's ability to profit from its energy exports.
The new oil price cap provides a 45-day non-application period for goods loaded onto a vessel and unloaded at their destination within 45 days after the amendments come into force.
These measures are part of Canada's broader strategy to deprive Russia of the financial means to sustain its unjustified and unprovoked war against Ukraine; limit its access to global markets; target its shadow fleet; and strengthen the impact of coordinated sanctions.
Canada remains committed to working with international partners to ensure that sanctions are effective, adaptive and aligned with evolving geopolitical and market realities.
