Feb 04, 2023

By Jeremy Logan

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According to the federal Finance Department, Canada will join the other members of the G7, as well as Australia, in extending restrictions on Russian oil to include its seaborne petroleum products.

According to the government, beginning on Sunday, the maximum price for petroleum with a seaborne Russian origin would be $100 U.S. per barrel for “premium-to-crude” products and $45 U.S. per barrel for “discount-to-crude” products.

In a press release the government says the new caps build on a Russian crude oil price limit announced in December, adding both moves will weaken Russian leader Vladimir Putin’s ability to fund the war against Ukraine.

According to the Department of Finance, customers who do not adhere to the pricing limitations will not be allowed to purchase services from G7 or Australian businesses.

The department claims that despite acknowledging the significance of stable energy markets and limiting unfavourable economic repercussions, the price cap mechanism has been created to cut Russian profits.

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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