The federal Finance Department says Canada is joining its fellow G\u002D7 countries plus Australia to expand caps on Russian oil.
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The department says the maximum price for seaborne Russian-origin petroleum will be US $100 per barrel for “premium-to-crude” products as of Sunday, and US $45 for “discount-to-crude” products.Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
The Department of Finance says the caps will be enforced by prohibiting buyers who do not abide by the price caps from obtaining services from companies in the G7 or Australia. It says the price cap mechanism has been designed to reduce Russian revenues while recognizing the importance of stable energy markets and minimizing negative economic effects.
Finance Minister Chrystia Freeland says Russian oil revenues have already declined since the first price cap took effect and the additional price caps “will be another blow to Putin’s war chest.”
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Ottawa expands price caps to Russian petroleum products to reduce revenuesThe federal Finance Department says Canada is joining its fellow G-7 countries plus Australia to expand caps on Russian oil to include seaborne petroleum products from that country.
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Ottawa expands price caps to Russian petroleum products to reduce revenuesThe federal Finance Department says Canada is joining its fellow G\u002D7 countries plus Australia to expand caps on Russian oil.
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Ottawa expands price caps to Russian petroleum products to reduce revenuesThe federal Finance Department says Canada is joining its fellow G-7 countries plus Australia to expand caps on Russian oil to include seaborne petroleum products from that country.
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Ottawa expands price caps to Russian petroleum products to reduce revenuesThe federal Finance Department says Canada is joining its fellow G7 countries plus Australia to expand caps on Russian oil to include seaborne petroleum products from that country.
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