Canadian Prime Minister Justin Trudeau has announced a ban on Russian oil imports following the country’s invasion of Ukraine.
Mr Trudeau said oil revenues have helped to prop up President Vladimir Putin and Russian oligarchs.
Coordinated Western sanctions against Russia have targeted its banks but still, accept its oil and gas exports.
“While Canada has imported very little amounts in recent years, this measure sends a powerful message,” Mr Trudeau told a news conference.
Canada imported just C$289m (£170m) worth of energy products in 2021, according to Statistics Canada.
Europe, however, is far more reliant on Russia’s supplies. A quarter of the European Union’s petroleum oil imports come from Russia and about 40% of the EU’s natural gas imports.
Refusing to buy its oil and gas would be a very tough sanction from European countries, but policymakers have so far been reluctant to take that step, worried about the impact on energy prices in their own countries.
The price of Brent crude rose by 4.6% to $102 barrel on Monday after Western nations imposed new sanctions on Russia – one of the world’s largest energy producers.
While the UK gets most of its imports from Norway and the US, fuel prices in the UK still hit record highs on Monday as the impact of Russia’s invasion affected global energy markets.
Russian oil and gas exports make up a fifth of Russia’s economy and half of its earnings from exports. The country is the European Union’s biggest oil trading partner, according to the latest data from Eurostat.
Western nations announced at the weekend that they would impose sanctions on Russia’s central bank to prevent it from selling its vast reserves to prop up its own banks and companies. (BBC)
