Canada strengthens oil value cap measures to curb Russian conflict revenues

September 3, 2025 – Ottawa, Ontario – Global Affairs Canada

The Honourable Anita Anand, Minister of Foreign Affairs, and the Honourable François-Philippe Champagne, Minister of Finance and National Revenue, as we speak introduced amendments to the Special Economic Measures (Russia) Regulations to additional cut back revenues flowing to Russia from its oil exports. These amendments observe a dedication made by Canada on August 8, 2025, to decrease the worth cap for Russian oil, after the European Union and the United Kingdom introduced comparable measures.

As G7 president, Canada is working intently with its allies and companions to extend strain on Russia and help Ukraine’s long-term safety and restoration. In alignment with the European Union and the United Kingdom’s lately introduced measures, Canada has lowered its value cap for Russian crude oil from US$60 to US$47.60 per barrel. These oil value cap measures will likely be carried out in a fashion that provides Canada the pliability to make future changes ought to selections be made to additional cut back the worth cap. They are additionally designed to mirror present market circumstances and cut back Russia’s means to revenue from its vitality exports.

The new oil value cap supplies a 45-day non-application interval for items loaded onto a vessel and unloaded at their vacation spot inside 45 days after the amendments come into drive.

These measures are a part of Canada’s broader technique to deprive Russia of the monetary means to maintain its unjustified and unprovoked conflict in opposition to Ukraine; restrict its entry to world markets; goal its shadow fleet; and strengthen the impression of coordinated sanctions.

Canada stays dedicated to working with worldwide companions to make sure that sanctions are efficient, adaptive and aligned with evolving geopolitical and market realities.