The federal government has announced a series of new sanctions against Russia in response to the Kremlin's escalation of military pressure against Ukraine.
Prime Minister Justin Trudeau is addressing the situation at 5 p.m. ET in Ottawa.
You can watch the news conference live at the top of this page.
Trudeau confirmed the sanctions a day after Russian President Vladimir Putin formally recognized two separatist regions in Ukraine contested by groups loyal to Moscow.
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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."
"Make no mistake — this is a further invasion of a sovereign state and it is absolutely unacceptable," Trudeau said.
"Russia's brazen provocations are a threat to security and peace in the world."
In an effort to dissuade Putin from further action, Trudeau announced what he called a first round of sanctions targeting Russia.
The sanctions include banning Canadians from all financial dealings with the breakaway states known as Luhansk and Donetsk.
Canadians also will be barred from purchasing Russian sovereign debt and dealing with two state-backed Russian banks.
Ottawa will also sanction members of the Russian parliament who voted to recognize the separatist regions.
Trudeau said the sanctions "will remain in place until the territorial integrity of Ukraine is restored."
Canada and its western allies have warned that the Kremlin's latest moves could be part of a Russian-created pretext for a full-scale military invasion of Ukraine.
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.
What's at stake, said Deputy Prime Minister Chrystia Freeland, is the ability of Canada and its allies to dissuade military aggression in Ukraine and across the globe.
"The world's autocrats are watching today to see if our alliance of democracies has the will and the capacity to stand up for the rules-based international order," she said.
More Canadian soldiers heading to Latvia
Trudeau also announced the deployment of up to 460 Canadian Armed Forces members, a frigate and maritime patrol aircraft to NATO member Latvia.
The troops and equipment will be deployed under an existing military mission, Operation REASSURANCE.
The move comes weeks after Canada ordered its military trainers out of Ukraine and moved its embassy to Lyiv, which is considxjmtzywered a safer location than the capital Kyiv.
"We're doing this to reinforce our commitment to NATO and promote peace and security in Europe," Trudeau said.
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.
