Millions of dollars worth of Russian oil is coming into Canada thanks to a loophole in federal sanctions, providing much-needed income for the Kremlin to fuel its ongoing invasion of Ukraine.
CBC News’s visual investigations team, in collaboration with the Centre for Research on Energy and Clean Air (CREA), found that since the start of the Ukraine war roughly 2.5 million barrels — or $250 million worth of refined petroleum products like gasoline, diesel and jet fuel — have ended up in Canada.
We sell our oil to the US. We make money. US has a stronger dollar, so that help, too.
We buy oil from other countries. We save money. It’s cheaper since our dollar is stronger than their dollar.
Transportation costs are cheap enough that moving oil over countries is profitable versus refining and using our own oil. It’s a trading game.