“By further lowering the price cap on Russian crude oil, Canada and its partners are ratcheting up the economic pressure and limiting a crucial source of funding for Russia’s illegal war,” said Canadian Finance Francois-Philippe Champagne<\/a>.<\/p>\n “Our government has been a steadfast ally to Ukraine, and we will continue to support them in defending their territorial integrity, sovereignty, and peace for its people,” Champagne added.<\/p>\n The price ceiling is designed to slash Russia’s energy revenue<\/a> without triggering a supply shock. It applies to EU and G7 companies providing services such as insurance and shipping for Russian oil<\/a> shipments, which are permitted only if the crude is sold at or below the cap.<\/p>\n The U.K. earlier joined<\/a> the EU in backing the revised cap, aligning with Brussels’ move to deepen pressure on the Kremlin. Oil and gas revenues are critical to the Kremlin’s war budget, accounting for nearly one-third of federal income.<\/p>\n Yet, President Volodymyr Zelensky urged cutting the Russian oil price cap<\/a> from $60 to $30 per barrel to pressure Moscow to declare a ceasefire.<\/p>\n “Each of the partners knows what price cap is needed \u2014 $30, no higher. Such a price level will mean real pressure on Russia \u2014 they should be forced to seek peace,” Zelensky said on June 10.<\/p>\n