Canada To Ban Russian Crude Oil Imports - InvestingChannel

Canada To Ban Russian Crude Oil Imports

The federal government in Ottawa has announced that it will ban imports of Russian crude oil as part of ongoing efforts to apply pressure on President Vladimir Putin.

Canadian Prime Minister Justin Trudeau made the announcement at a press conference where he also announced plans to provide anti-tank weapon systems to the military in Ukraine.

“Today, we are announcing our intention to ban all imports of crude oil from Russia, an industry that has benefited President Putin and his oligarchs greatly,” Trudeau said.

The move is largely symbolic as Canada imports very little oil given the country’s ample energy resources. However, Trudeau said the decision “sends a powerful message.”

Canada has imposed several sanctions on Russia since the country launched an invasion of Ukraine last week, targeting Russia’s financial system and President Putin himself.

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