Canada lowers Russian oil price cap to $47.60 per barrel
Canada has amended its Russia sanctions regulations to cut the price cap on Russian crude oil to $47.60 a barrel from $60, with a 45-day non-application period after the changes take effect.
OTTAWA, September 3, 2025 — Canada amended its Special Economic Measures (Russia) Regulations to lower the price cap on Russian crude oil to US$47.60 per barrel from US$60, tightening restrictions aimed at reducing revenue from Russia’s oil exports.
The government said the change follows a commitment announced Aug. 8, 2025, and aligns with recently announced measures by the European Union and the United Kingdom. Canada said the revised cap is designed to reflect market conditions and allow flexibility for further adjustments if additional reductions are decided.
The new cap includes 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.
Canada said the measures form part of its broader sanctions strategy related to Russia’s war against Ukraine, including efforts to limit Russia’s access to global markets, target its shadow fleet and strengthen the impact of coordinated sanctions.
Regulatory Actions
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