Canada Strengthens Sanctions On Russia And Lowers Oil Price Cap

2026-02-24 03:06:02

(MENAFN- UkrinForm) The Government of Canada published a corresponding statement on its website, Ukrinform reports.

"Canada will be imposing sanctions on 21 individuals and 53 entities, as well as 100 vessels from Russia's shadow fleet, under the Special Economic Measures (Russia) Regulations. Canada is also lowering its price cap for Russian crude oil from US$47.60 to US$44.10 per barrel," the government announced.

The new sanctions are aimed at increasing economic pressure on Russia, reducing its energy revenues, and limiting its financial tools, including crypto infrastructure. They are also intended to undermine Russia's capabilities in artificial intelligence and drone production.

Read also: EU cannot yet name specific accession date for Ukraine – von der Leyen

In addition, Canada will allocate CAD 20 million (about $15 million) to the Ukraine Energy Support Fund.

"This contribution will allow ongoing procurement and delivery of energy equipment to Ukrainian energy companies through a demand-driven, competitive bidding process to repair and rebuild critical energy infrastructure damaged by Russia's strikes," the government noted.

As previously reported, Canada earlier announced a three-year extension of the military training mission Operation UNIFIER, the allocation of $1.5 billion in additional military assistance, and the transfer of 449 new military vehicles to Ukraine.

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