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Canada imposes sanctions on Russia’s shadow fleet, energy revenues and other targets - Finance news and analysis from Global Banking & Finance Review
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Canada imposes sanctions on Russia’s shadow fleet, energy revenues and other targets

Published by Global Banking & Finance Review

Posted on June 16, 2026

1 min read

· Last updated: June 16, 2026

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Finance Sanctions Russia Canada Energy

Canada Announces Sanctions on Russia’s Shadow Fleet and Energy Revenue Targets

Overview of Canada’s Latest Sanctions Against Russia

Announcement by Prime Minister Mark Carney

June 16 (Reuters) - Canadian Prime Minister Mark Carney announced new sanctions targeting Russia’s shadow fleet, energy revenues, its defense-industrial sector and entities linked to disinformation efforts, the Canadian government said in a statement following his meeting with Ukrainian President Volodymyr Zelenskiy alongside the G7 in France.

Details of Sanctioned Entities

Inclusion of Maritime Mutual

A statement from the Canadian government on Tuesday also included the New Zealand company Maritime Mutual, the subject of a Reuters special report on how it helped facilitate the trade of tens of billions of dollars of Iranian and Russian oil, in a list of companies and individuals sanctioned.

Previous Sanctions by Britain

In February, Britain sanctioned the company, saying it had supported the Russian government by carrying out business in a sector of strategic importance. 

Reporting and Editing Credits

(Reporting by Susan Heavey and Maria Cheng;Editing by Alison Williams and Sanjeev Miglani)

Key Takeaways

  • Canada expanded its shadow fleet sanctions by adding over 100 vessels under the Special Economic Measures Act, aiming to curb Russia’s ability to evade energy-sector restrictions (canada.ca).
  • The country aligned its oil price cap with allies at US$44.10 per barrel as of February 24, 2026, intensifying pressure on Russia’s energy revenues (gazette.gc.ca).
  • New sanctions also targeted Russia’s defence-industrial sector and those involved in disinformation, plus the New Zealand insurer Maritime Mutual, previously sanctioned by the UK for aiding shadow fleet operations (insurancejournal.com).

References

Frequently Asked Questions

What new sanctions has Canada imposed on Russia?
Canada's new sanctions target Russia's shadow fleet, energy revenues, defense-industrial sector, and entities linked to disinformation.
Which company was included in Canada's sanctions list?
The New Zealand company Maritime Mutual was included in Canada's list of sanctioned companies.
Why did Canada impose the new sanctions on Russia?
Canada imposed the sanctions following a G7 meeting to curb Russia's energy revenues and restrict its defense and disinformation capabilities.
Who announced the new sanctions against Russia?
Prime Minister Mark Carney announced the new sanctions, according to a Canadian government statement.

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