The federal Finance Department says Canada is joining its fellow G-7 countries plus Australia to expand caps on Russian oil to include seaborne petroleum products from that country.
The department says the maximum price for seaborne Russian-origin petroleum will be US $100 per barrel for "premium-to-crude" products as of Sunday, and US $45 for "discount-to-crude" products.
It says in a press release the new caps build on a Russian crude oil price limit announced in December, adding both moves will weaken President Vladimir Putin's ability to fund the war against Ukraine.
The Department of Finance says the caps will be enforced by prohibiting buyers who do not abide by the price caps from obtaining services from companies in the G7 or Australia.
It says the price cap mechanism has been designed to reduce Russian revenues while recognizing the importance of stable energy markets and minimizing negative economic effects.
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."
This report by The Canadian Press was first published Feb. 4, 2023.
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This story was produced with the financial assistance of the Meta and Canadian Press News Fellowship.
Canadians will learn Tuesday the entirety of the federal Liberal government's new spending plans, and how they intend to pay for them, when Deputy Prime Minister and Finance Minister Chrystia Freeland tables the 2024 federal budget.
An Ontario woman was shocked to find she’d been charged nearly $7,000 after unknowingly using an unauthorized taxi company while on vacation in January.
A man is fighting for his life after falling about 30 feet in an air duct at Montreal's Olympic Stadium on Monday, authorities say.
Tim Hortons is launching flatbread pizzas nationally in a bid to pick up more afternoon and evening customers.
The flame that is to burn at the Paris Olympics was kindled Tuesday at the site of the ancient games in southern Greece.
While many celebrity homes look less than lived-in, ranging from spotless minimal to ostentatiously palatial, actor Emma Roberts' Hollywood Hills home is made for curling up with a good book -- or several -- with warm tones, comfortable couches, and antique curiosities in each room (also, a lagoon-style pool in the backyard for summer reads).
NASA confirmed Monday that a mystery object that crashed through the roof of a Florida home last month was a chunk of space junk from equipment discarded at the International Space Station.
Tesla has hit a series of roadblocks, including increased competition and declining sales. The company announced Monday it is slashing 10 per cent of its global workforce.
A fire raged through one of Copenhagen's oldest buildings on Tuesday, causing the collapse of the iconic spire from the 17th-century Old Stock Exchange as passersby rushed to help emergency services save priceless paintings and other valuables.
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A man is fighting for his life after falling about 30 feet in an air duct at Montreal's Olympic Stadium on Monday, authorities say.
Saskatchewan and the RCMP have inked a deal that would see the province fund hundreds more officers if Mounties can recruit to fill those positions.
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German Chancellor Olaf Scholz told Chinese leader Xi Jinping who hosted him in Beijing on Tuesday that Russia's full-scale invasion of Ukraine threatens global security, in an apparent call for China to apply greater pressure on its neighbour and close strategic partner to resolve the conflict.
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A couple who owned a Colorado funeral home where authorities last year discovered 190 decaying bodies were indicted on federal charges that they misspent nearly US$900,000 in pandemic relief funds on vacations, cosmetic surgery, jewelry and other personal expenses, according to court documents unsealed Monday.
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NASA confirmed Monday that a mystery object that crashed through the roof of a Florida home last month was a chunk of space junk from equipment discarded at the International Space Station.
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Canadian singer Grimes apologized to fans on Saturday after her Coachella set earlier that evening was beset by technical issues that caused her to scream into the microphone in frustration.
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The residents of Kashechewan First Nation are in a race against time, preparing for a mass evacuation as the relentless threat of flooding from the Albany River looms closer.
Two women were seriously injured after a car crash in Orangeville.
It's been more than two years since Jim Lynne died in a crash along Mosley Street in Wasaga Beach.
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A new ranking by food delivery platform Uber Eats puts Windsor among the top cities in the province for ordering cannabis.
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Lethbridge West MLA Shannon Phillips is calling on the province to reinstate funding for the Lethbridge Elder Abuse Response Network.
If you’re planning to head to the coulees this weekend to enjoy the nice weather, don’t forget to look down.
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The City of Sault Ste. Marie is expecting a busy summer at the Downtown Plaza. City officials say the plaza is coming off a successful first winter season, which saw large crowds gathering at the outdoor rink.
The Soo Greyhounds are the talk of the town, as their second-round matchup in the OHL playoffs touches down in the Sault.
Thunder Bay Police Service held a news conference Monday afternoon to discuss the misconduct investigation that led to criminal charges being laid against the city's former police chief.
A pricing agreement has been reached between crab fishers and seafood processors that will allow for Newfoundland and Labrador's annual crab fishery to get started.
Longliners across Newfoundland and Labrador are tied up once again, as a new protest by the province's fish harvesters threatens to derail the crab fishery for a second straight year.
A unique photo exhibit is putting cameras into the hands of survivors of domestic and sexual violence in Newfoundland and Labrador.
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