Canada bans imports of Russian oil — RT Business News

Prime Minister Trudeau says ban sends ‘powerful message’ despite Canada not buying Russian crude

Canadian Prime Minister Justin Trudeau announced a ban on Russian oil imports to punish Moscow for launching a military offensive against Ukraine. However, Canada has not bought a single barrel of Russian crude since 2019, according to Natural Resources Minister Jonathan Wilkinson.

The ban is part of a new set of sanctions Canada unveiled on Monday to help defend Ukraine and pressure Russian President Vladimir Putin to end the conflict. Ottawa will send anti-tank weapon systems and improved ammunition to help Kiev repel Russian attacks, and Canadian financial institutions are no longer allowed to transact with Russia’s central bank or buy government bonds Russian.

Trudeau stressed the importance of his ban on importing Russian oil, saying the oil industry “greatly benefited President Putin and his oligarchs,” accounting for more than a third of the country’s federal government revenue. “Although Canada has imported very few quantities in recent years, this action sends a powerful message,” he added.

In fact, Canada produces more crude than it uses, making it a net oil exporter. Most of the country’s oil trade, including imports and exports, is with the United States. Russia is not a big player among the other countries selling oil to Canada, as 2022 will likely mark the third straight year of zero crude trade between the countries.

However, Trudeau argued that his import ban will help “to ensure that those who are complicit in President Putin’s atrocities cannot escape responsibility for their actions.” He added that “This pointless war must end now. Costs will only increase and those responsible will be held accountable.

The United States currently has no intention of joining Canada in banning Russian oil. White House press secretary Jen Psaki said Monday that while all sanction options “stay on the table” Washington has so far been reluctant to target the energy sector.

“Sanctioning energy would affect Russia’s revenue stream”, said Psaki. “That would definitely be a reason to do it. But it would also have dire consequences for global energy markets, especially for our allies in Europe.

Like Canada, the United States is a net exporter of oil and buys relatively little of its foreign supplies from Russia.

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