Canada has announced plans to lower the price cap on seaborne Russian-origin crude oil from $60 to $47.60 per barrel, aligning its policy with similar moves by the European Union and the United Kingdom. This 21% reduction aims to restrict Russia's ability to fund its military efforts amid the ongoing conflict in Ukraine. The price cap adjustment is part of broader Western sanctions targeting Moscow's war revenues. While the enforcement details and implementation timelines are expected to be coordinated with European allies, some analysts note that price caps have limited effectiveness due to factors such as shipping cost discounts and market dynamics, with Urals crude trading at a discount to Brent since the caps were introduced. Other countries, including Switzerland, have also lowered their price caps on Russian oil in line with the EU. The move reflects continued international efforts to tighten economic pressure on Russia through coordinated sanctions.