Canada will become the first country in the G7 to ban all imports of crude oil from Russia.
Prime Minister Justin Trudeau made the announcement on Monday.
He said the industry "has benefited President Putin and his oligarchs greatly".
In addition to the import ban, Trudeau also announced the supply of anti-tank weapons and ammunition to Ukrainian fighters.
Canada imports about $550m (£370m) of crude oil a year from Russia, according to the Canadian Association of Petroleum Producers.
