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Canada joined allies in lowering the price cap on Russian oil to $47.60 per barrel, down from $60, as part of continued sanctions against Russia's war in Ukraine. This move, supported by the EU and UK, aims to reduce Russia's war funding by limiting its energy revenue without disrupting global supply. While Canada affirmed its support for Ukraine, President Zelenskyy had previously called for a more aggressive $30 cap.

Prepared by Rachel Morgan and reviewed by editorial team.