Finance Minister Chrystia Freeland says new measures will further target individuals and institutions enabling Russian President Vladimir Putin.
Canada's Deputy Prime Minister says more sanctions will soon be placed on Russia.
Chrystia Freeland says the Canadian government will impose more sanctions "in the coming days", which will offset Russia's efforts to fund its war against Ukraine.
Her comments come after a meeting between G7 leaders earlier today.
Freeland notes the upcoming measures will target individuals and institutions enabling Russia President Vladimir Putin, similar to other sanctions already issued.
The Canadian government has sanctioned 32 Russian entities and 382 individuals, including Putin himself, Finance Minister Sergey Lavrov, Defence Minister Sergey Shoygun and Justice Minister Konstantin Chuychenko.
The federal government is also banning all financial institutions from engaging with the Russian Central Bank in any way.
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