Allied Forces Unify Against Russia with Oil Price Cap

The Canadian government and its allies, including the EU and UK, plan to reduce the price cap on Russian oil as a response to its ongoing conflict in Ukraine. The new cap for Russian-origin seaborne crude oil will be set at $47.60 per barrel, down from $60.

The Canadian government, alongside its closest allies, is taking decisive action by lowering the price cap on Russian oil. This measure is a response to Russia's continued aggression in Ukraine.

The new agreement, involving Canada, the European Union, and the United Kingdom, will see the price cap for Russian-origin seaborne crude oil drop significantly.

Previously set at $60 per barrel, the revised cap now stands at $47.60, marking a significant shift in the international community's approach toward Russian energy exports.

(With inputs from agencies.)