Russia's Crude Oil Will Be Banned In Canada

Angel

Russia's Crude Oil Will Be Banned In Canada

Following Russia's invasion of Ukraine, Canadian Prime Minister Justin Trudeau has ordered an embargo on Russian oil imports.

Oil earnings, according to Mr Trudeau, have aided President Vladimir Putin and Russian billionaires.

Western sanctions against Russia have targeted its banks, but the country's oil and gas shipments continue to be accepted.

Canada, unlike Europe, is not overly reliant on Russian oil shipments.

Despite the fact that the UK buys the majority of its goods from Norway and the United States, petrol prices in the UK hit new highs on Monday as the impact of Russia's invasion on global energy markets.

"While Canada has imported very little in recent years, this step sends a strong message," Prime Minister Justin Trudeau said at a press conference.

According to Statistics Canada, Canada imported only C$289 million (£170 million) in energy items in 2021.

Canada is the fourth-largest oil producer in the world.

Europe, on the other hand, is heavily reliant on Russian supply. Russia provides a quarter of the European Union's petroleum oil imports and over 40% of the EU's natural gas imports.

Refusing to buy its oil and gas would be a severe censure from European countries, but officials have been wary of taking such a step because of the impact on domestic energy prices.

After Western nations placed further sanctions on Russia, one of the world's top oil producers, the price of Brent crude climbed 4.6 percent to $102 per barrel on Monday.

Despite the fact that the UK buys the majority of its goods from Norway and the United States, petrol prices in the UK hit new highs on Monday as the impact of Russia's invasion on global energy markets.


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