CTV News app sign-up: Breaking news alerts and top stories delivered right to youĭespite this, Prime Minister Justin Trudeau announced on Monday a ban on Russian crude oil imports in a mostly symbolic gesture.In 2020, Canada didn't import any crude oil from the Russian Federation, and imported three per cent of its total crude oil from Russia in 2019. More than 77 per cent of Canada's total crude oil imports in 2020 came from the United States. But with Canadians consuming tens of billions of litres of oil each year, Canada also imports crude oil from other countries to meet demand. Canada is experiencing a major spike in gas prices related to the Russian invasion of Ukraine, despite the fact that Canada imports little oil from Moscow.Ĭanada has the third-largest oil reserves in the world and relies on Canadian companies to refine most of its own crude oil.
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