Canada joins allies in lowering price cap on Russian oil

TORONTO (Reuters) -The Canadian government said on Friday it will join some of its closest allies in lowering the price cap for Russian oil over its continued war in Ukraine, the country's finance department said in a statement on Friday. Canada will lower the price cap for seaborne Russian-origin crude oil to $47.60 from $60 per barrel, the statement said. The price cap move brings Canada in line with the European Union and the United Kingdom, who announced in July they would lower the cap as they target Russia's oil revenues and ramp up pressure on Moscow over the war.