OTTAWA — Prime Minister Mark Carney states that Canada opposes the U.S. decision to pause sanctions on Russian oil, aimed at curbing rising energy prices during the ongoing Iran conflict.
“Canada’s position is to maintain sanctions on Russia, including on the shadow fleet moving this oil,” Carney declares during a press conference in Bardufoss, Norway. “Tight cooperation between Russia and Iran has come at great cost to Ukraine and poses a major threat to peace and security in Europe.”
G7 Leaders Unite in Disagreement
Carney joins German Chancellor Friedrich Merz and Norwegian Prime Minister Jonas Gahr Støre to observe NATO’s Cold Response exercise, involving 25,000 troops from 14 nations to showcase Arctic capabilities. These three leaders represent six of the seven G7 nations opposing the U.S. move.
“During a video conference with G7 leaders on Wednesday, six out of seven agreed we should not lift sanctions on Russia,” Merz notes. “We were surprised by the U.S. government’s differing decision announced this morning.”
U.S. Sanctions Pause Details
The U.S. Treasury Department pauses sanctions on Russian crude oil and petroleum products loaded onto vessels from March 12 to April 11. These measures, in place since March 2022 following Russia’s invasion of Ukraine, seek to alleviate oil price pressures.
Impact of Iran Conflict on Global Oil
The Iran conflict, now in its 14th day since starting on February 28, 2026, closes the Strait of Hormuz, a vital route for 20% of global liquefied natural gas and oil. Kuwait, the United Arab Emirates, Iraq, and Saudi Arabia cut oil production.
On Wednesday, 32 International Energy Agency member states release 400 million barrels from emergency reserves, one-third of total strategic stockpiles. “The Middle East conflict impedes oil flows through the Strait of Hormuz, with crude and refined product exports at under 10% of pre-conflict levels,” the IEA states. “Operators across the region shut in or curtail substantial production.”
This marks the largest shock to the global oil market ever recorded. Brent Crude hits US$120 per barrel on Monday before dropping below US$100, hovering just above that level on Friday despite stabilization efforts.
Calls for Sustained Pressure on Russia
Norway’s prime minister emphasizes maintaining pressure on Russia. “It must be consistent and impactful to bring Russia to the negotiation table, accept a ceasefire, and achieve just, durable peace,” he tells reporters.
When asked about voicing concerns to U.S. President Donald Trump, Carney confirms upcoming G7 meetings. “We all have direct lines to the president and will use them,” he says. “Broader G7 discussions hold value.”
Carney praises Gulf states for their “enormous restraint and heroism” amid relentless Iranian attacks on civilians and infrastructure.
