Announcement
03 Sep 2025
In September 2025, the government of Canada announced a reduction in the price cap for seaborne Russian-origin crude oil from USD 60 to USD 47.6 per barrel. The regulation retroactively entered into force on 28 August 2025. The decision follows the earlier announcement of intention in early August 2025. In February 2026, the Canadian government lowered the crude oil price cap on Russian exports from USD 47.60 to USD 44.10 per barrel.
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Number of interventions
2
2 certainly harmful
0 likely harmful
0 liberalising
List of interventions
Implementation date
28 Aug 2025
Revocation date:
23 Feb 2026
To be terminated: 24 Feb 2026
Controls on commercial transactions and investment instruments
On 28 August 2025, the Canadian Regulations Amending the Special Economic Measures (Russia) Regulations (SOR/2025-168), lowering the price cap for Russian oil, retroactively entered into effect. The p...
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To be terminated: 24 Feb 2026
Export-related non-tariff measure, nes
On 28 August 2025, the Canadian Regulations Amending the Special Economic Measures (Russia) Regulations (SOR/2025-168), lowering the price cap for Russian oil, retroactively entered into effect. The p...
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Related State Acts
Announced: 24 Feb 2026
Canada: Government lowers the price cap on Russian oil and imposes sanctions against 52 entities from Russia, Lithuania, Türkiye, Libya and China, as well as against 100 vessels
Removed: 31 Jan 2026
Switzerland: Further sanctions in response to Russia’s war against Ukraine, including lowered price cap on Russian crude oil (August 2025)
Removed: 23 Apr 2026
EU: 18th sanctions package against Russia for its invasion of Ukraine
Removed: 15 Jan 2026
United Kingdom: Government lowers Russian crude oil price cap to USD 47.60 per barrel
Announced: 02 Dec 2022
Canada: Government prohibits the provision of financial and transport services related to Russian oil above USD 60 per barrel
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