NEW YORK, September 4. /TASS/. Canadian authorities have lowered the price cap on Russian oil from $60 to $47.6 per barrel, according to a statement on the Canadian government’s website.

"In alignment with the European Union and the United Kingdom’s recently announced measures, Canada has lowered its price cap for Russian crude oil from US$60 to US$47.60 per barrel. These oil price cap measures will be implemented in a manner that gives Canada the flexibility to make future adjustments should decisions be made to further reduce the price cap. They are also designed to reflect current market conditions and reduce Russia’s ability to profit from its energy exports," the statement said.

EU countries introduced the 18th sanctions package against Russia in July. As announced, the price cap on Russian oil will be reduced from $60 to $47.6 per barrel. The import of petroleum products derived from Russian oil was also banned. Similar measures were later announced by the United Kingdom and Switzerland.