The federal government will impose what it calls "severe sanctions" on Russia as Moscow moves closer to invading Ukraine.
Prime Minister Justin Trudeau will address the situation at 5 p.m. ET in Ottawa.
You can watch the news conference live on this page when it begins.
Trudeau's remarks and the threat of new sanctions come a day after Russian President Vladimir Putin formally recognized two separatist regions in Ukraine contested by groups loyal to Moscow.
Putin also announced the deployment of Russian troops to the regions — which are internationally recognized as Ukrainian territory — to perform what he called "peacekeeping duties."
Canada and its western allies have warned the move could be part of xjmtzywa Russian-created pretext for a full-scale military invasion of Ukraine.
Foreign Affairs Minister Mélanie Joly said Canada is seeking an explanation from Russia of its decisions.
"I have directed my deputy minister to summon the Russia ambassador to explain Russia's continued aggression, violation of international law, and disregard for Ukrainian sovereignty," Joly wrote on Twitter.
- UpdatedU.S., U.K., Germany target Russian banks, pipeline project over growing Ukraine crisis
Earlier on Tuesday, the United States, United Kingdom and Germany announced sanctions targeting Russian banks and called off the planned opening of a natural gas pipeline connecting Russia to Germany.
