Canada plans to ban the import of Russian oil, and Saudi Arabia confirms its commitment to the OPEC Plus agreement, and international companies are moving

Canadian Prime Minister Justin Trudeau announced that they plan to ban the import of crude oil from Russia.

He said at a press conference that Canada will continue to support Ukraine's "heroic defense" against the Russian army, noting that the oil industry is of great benefit to Russian President Vladimir "Putin and his entourage."

"We announce our intention to ban the import of crude oil from Russia," Trudeau said, adding that Canada has imported very little crude oil from Russia in recent years, but this measure carries a strong message for Moscow.

According to Canada's official Statistics Agency, Canada imported $228 million worth of energy products from Russia in 2021.

At the dawn of February 24, Russia launched a military operation in Ukraine, which was followed by angry international reactions and the imposition of severe economic and financial sanctions on Moscow.

Russia is one of the largest oil and gas producers in the world, with a production capacity of more than 13 million barrels of oil per day, and about 680 billion cubic meters of gas annually.

Russia's oil and gas production accounts for 13% and 18% (respectively) of global supplies, and about 40% of the European gas market.

The withdrawal of major companies from Russia

Meanwhile, the British European oil companies BP and Norway's Equinor decided to withdraw their investments from Russia, in protest against the Russian war on Ukraine.

Equinor said - in a statement on Monday - that it has suspended new investments in Russia and has begun the process of exiting Russian joint ventures.

During the call, they discussed the situation in Ukraine and discussed the impact of the crisis on energy markets, and in this regard, His Highness the Crown Prince affirmed the Kingdom's keenness on the stability and balance of oil markets and the Kingdom's commitment to the (OPEC Plus) agreement.

— SPA Royal News (@spagov) February 27, 2022

"We are all deeply disturbed by the invasion of Ukraine, which represents a terrible setback for the world, and we think of all those who are suffering as a result of military action," said Anders Obedal, chief executive of Equinor.

Equinor's non-traded assets in Russia amounted to about $1.2 billion at the end of 2021, according to the statement.

The Norwegian company expected that the decision to start the process of exiting joint ventures in Russia would affect the depreciation of the book value of assets.

Equinor has been operating in Russia for more than 30 years, and entered into a cooperation agreement with Rosneft in 2012.

The British "BP" decided on Sunday evening to withdraw from its stake in the Russian capital of Rosneft, which amounted to 19.75%, which is equivalent to $ 14 billion.

In Saudi Arabia, Saudi Crown Prince Mohammed bin Salman affirmed the Kingdom's keenness - the number one oil producer in the world - for the stability and balance of oil markets, and its commitment to the OPEC Plus agreement, according to what the official Saudi Press Agency reported.

This came during a phone call that the Saudi Crown Prince received from French President Emmanuel Macron, on the situation in Ukraine and the impact of the crisis on energy markets.

A prominent Gulf source also said that there had been no consultations with the kingdom regarding a possible withdrawal of oil reserves in the United States and its allies, according to Reuters reported.

And the source - who is aware of the matter - added, "It is not usual for Saudi Arabia or major producers in OPEC Plus to hold consultations outside the group on oil policy, especially before a meeting."

The "OPEC Plus" alliance includes the member states of the Organization of Petroleum Exporting Countries (OPEC) and their non-OPEC allies, led by Russia.

On Monday, oil prices jumped after Western allies imposed more sanctions on Russia and cut off some Russian banks from a global payment system, which could severely impede its oil exports.

Brent crude contracts, the global benchmark, ended the trading session 3.1% higher, to settle at $100.99 a barrel, after touching an even higher level at $105.07 in early trading.

Other reactions to global companies

In other reactions of global companies, the Japanese car maker Mitsubishi Motors said - today, Tuesday - that it may stop producing and selling its cars in Russia, as economic sanctions imposed on Russia may cause disruptions in the supply chain.

Today, Japan joined the United States and other allies in imposing additional sanctions on Russia, which included freezing the assets of the country's leaders and 3 financial institutions.