Ottawa Expands Price Caps to Russian Petroleum Products to Reduce Revenues

VF Tanker 9 oil tanker ship, which departed from Russian Temryuk port on December 12, sails under the 15 July Martyrs Bridge at the Bosphorus strait in Istanbul, Turkey, Dec. 15, 2022. The Canadian Press/AP-Emrah Gurel

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.