Canada lowers price ceiling on Russian oil from $60 to $47.6 per barrel

WASHINGTON. Sept 4 (Interfax) - The Canadian authorities, following EU countries and the UK, have decided to lower the price ceiling on Russian oil, according to 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," the government said.

The new restrictions will not apply if the oil was already loaded onto a vessel prior to the approval of the new ceiling and will be unloaded at the destination within 45 days of the new price ceiling coming into force, it said.