Canada has announced it will lower its Russia oil price cap by amending the Special Economic Measures (Russia) Regulations.

The price cap has decreased from USD 60 to USD 47.60 per barrel. This reflects Canada’s agreement with the UK and the EU to lower the price cap, which the UK and EU implemented on 2 & 3 Sept respectively. 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. Canada’s Minister of Foreign Affairs said in a statement: “by aligning with our partners and adapting to market conditions, we are reinforcing our commitment to Ukraine and to international peace and security”.