11.Jul .2022 10:30

Canada intends to further sanction key Russian economic sectors

Canada intends to further sanction key Russian economic sectors
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Canada intends to impose further sanctions in relation to Russia’s illegal and unjustifiable invasion of Ukraine. These sanctions build on the extensive sanctions that Canada continues to impose on the Russian regime, including those announced by Mélanie Joly, Minister of Foreign Affairs at the G20 in Bali, Indonesia.

The oil, gas, chemical and manufacturing sectors account for more than 50% of Russia’s federal budget revenues, which it uses to wage its illegal and unprovoked war in Ukraine. As such, to help deplete President Vladimir Putin’s war chest and further limit Russia’s ability to wage war, Canada will expand existing measures on the oil, gas and chemical sectors to include industrial manufacturing. These new measures will prohibit Canadian services to contribute to the production of goods made by these sectors, reads an official statement released on the government website.

These new sanctions will apply to land and pipeline transport and the manufacturing of metals and of transport, computer, electronic and electrical equipment, as well as of machinery. Once the measures are in effect, Canadian businesses will have 60 days to conclude contracts with targeted industries and services.

This ban will broaden the scope of existing measures and put further pressure on a pillar of the Russian economy. These sanctions are part of a continued and closely coordinated approach with Canada’s like-minded partners to further increase pressure on President Putin and his regime for his senseless war in Ukraine.

“Canada is unwavering in its support of Ukraine’s sovereignty and territorial integrity. Putin’s unjustifiable war has affected millions in Ukraine and across the world. That is why we will continue to target the Russian regime’s coffers. Canada will not relent in pressuring the Russian regime,”Mélanie Joly, Minister of Foreign Affairs says.

Since Russia’s illegal occupation and attempted annexation of Crimea in 2014, Canada has imposed sanctions on more than 1,600 individuals and entities. Many of these sanctions have been undertaken in coordination with Canada’s allies and partners.

Since Russia’s further invasion of Ukraine on February 24, 2022, Canada has imposed sanctions on more than 1,150 individuals and entities from and in Russia, Ukraine and Belarus.

In March 2022, Canada referred the situation in Ukraine to the International Criminal Court (ICC), in concert with other ICC member states, in light of the numerous allegations of serious international crimes committed by Russian forces in Ukraine, including war crimes and crimes against humanity.