Prime Minister Mark Carney announced new Canadian sanctions against 162 Russian individuals, entities, and vessels during the G7 summit in Évian-les-Bains, France [1].
These measures aim to disrupt Russia's ability to fund its invasion of Ukraine by targeting the "shadow fleet" used to bypass international energy price caps. By restricting the movement and financing of these vessels, Canada seeks to tighten the economic pressure on the Kremlin's energy exports.
The announcement followed a meeting between Carney and Ukrainian President Volodymyr Zelenskyy on June 13, 2024 [2]. During the discussion, Carney said to Zelenskyy that "the tide is turning" regarding the conflict [3].
A government spokesperson said the latest sanctions package targets 162 individuals, entities, and vessels related to Russia's shadow fleet [1]. This move expands an existing effort to isolate the Russian maritime sector from global trade.
Canada has already sanctioned 500 shadow-fleet vessels [2]. The government said that these ongoing efforts are designed to increase pressure on Russia as its war in Ukraine continues [4].
Carney's itinerary during the second day of the summit included several high-level meetings with world leaders to coordinate a unified G7 response to Russian aggression [5]. The focus remains on expanding the list of sanctioned entities to prevent the evasion of existing trade restrictions.
“"The tide is turning."”
The targeting of the shadow fleet represents a shift toward closing technical loopholes in energy sanctions. Because Russia uses an aging, opaque fleet of tankers to transport oil outside of Western insurance and shipping frameworks, sanctioning specific vessels and their operators is the primary method for G7 nations to reduce the Kremlin's liquid capital.
