The announcement comes after the European Union, the United Kingdom and the United States all announced sanctions against the two Russian leaders.
“These men bear the greatest responsibility for the death and destruction occurring in Ukraine,” said the prime minster, during a press conference about the crisis.
The government will also sanction Putin’s chief of staff and additional financial penalties will be applied to Belarusian leaders for “abetting President Putin’s invasion of a free and sovereign nation.”
As part of the announcement, Trudeau said Canada supports removing Russia’s access to an international payment and messaging system known as SWIFT.
“We’ve made it clear that all options are on the table when it comes to imposing steep costs on Russia’s unjustified and unprovoked invasion. That includes taking steps to exclude Russia from making financial transactions around the world,” he said.
“Excluding Russian banks from SWIFT would make it even more difficult for President Putin to finance his brutalities.”
British Prime Minister Boris Johnson has indicated that his government was discussing the possibility of banning Russia from SWIFT, but noted the move would require U.S. support.
The U.S. has so far been reluctant to do so.
Friday’s announcement represents Canada’s third package of measures – financial or otherwise – targeting Russia for its invasion into Ukraine.