Ottawa aligns with allies in push to tighten economic pressure on Moscow
August 9, 2025 — The Canadian government has announced its support for a proposal to reduce the price cap on Russian oil exports, a move aimed at intensifying economic pressure on Moscow over its ongoing war in Ukraine.
The measure, discussed among G7 nations, would lower the maximum price at which Russian crude can be sold to buyers using Western shipping, insurance, and financial services. Ottawa believes the step could significantly cut into Russia’s energy revenues while limiting its ability to finance military operations.
Officials emphasized that the decision reflects Canada’s continued commitment to coordinated international action against Russia. They also highlighted the importance of ensuring global energy markets remain stable, with safeguards in place to mitigate the impact on consumers.
While discussions with allies are ongoing, Canadian representatives signaled that they are ready to move quickly should a consensus be reached on the new cap level.