Canada and G7-plus partners impose price cap on Russian crude oil

December 9, 2022 – Ottawa, Ontario – Global Affairs Canada

The Honourable Mélanie Joly, Minister of Foreign Affairs, today announced that Canada is imposing further measures in response to the Russian regime’s illegal invasion and attempted annexation of Ukrainian territory.

As winter approaches and the cold sets in, people around the world—particularly those in low or middle income countries—are focused on fulfilling their most basic needs, like heating their homes. The Russian regime is taking advantage of its position as a large energy exporter to exploit this demand and use the profits to fund its war campaign in Ukraine.

This is why Canada, along with its G7 partners and Australia, is imposing a price cap of US$60 per barrel on Russian-origin crude oil. Effective December 7, should the price per barrel exceed this cap, anyone in Canada or any Canadian internationally is prohibited from providing select services related to the maritime transport of Russian crude oil. Canada’s ban on imports of Russian oil remains in effect.

These measures aim to restrict the flow of petrodollars to the Kremlin while addressing the immediate energy needs of affected countries.

Canada and its international partners will continue to collaborate to exert additional pressure on the Russian regime.