**Canada Joins Allies in Lowering Price Cap on Russian Oil**
The Canadian government has made a significant move to put pressure on Russia over its war in Ukraine. On Friday, the country announced that it will lower the price cap for seaborne Russian-origin crude oil.
This decision brings Canada in line with some of its closest allies, including the European Union and the United Kingdom. The price cap for Russian oil will now be set at $47.60 per barrel, down from the previous limit of $60.
**Ratcheting Up Pressure on Russia**
By lowering the price cap, Canada is joining forces with other countries to target Russia’s oil revenues and put more pressure on Moscow over its actions in Ukraine. “By further lowering the price cap on Russian crude oil, Canada and its partners are ratcheting up the economic pressure and limiting a crucial source of funding for Russia’s illegal war,” said Finance Minister Francois-Philippe Champagne.
This move is significant because it shows that countries around the world are working together to isolate Russia economically. The price cap on Russian oil has been in place since last year, but its impact has been limited by exemptions granted to some countries. By lowering the price cap, Canada and its allies are making it harder for Russia to sell its oil and earn revenue.
**What’s Next?**
The move by Canada and its allies could have significant implications for the global energy market. It remains to be seen how Russia will respond to this new pressure, but one thing is clear: countries around the world are committed to standing up against Russia’s actions in Ukraine.
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