Canada targets oil and gas manufacturing in new Russian sanctions

By Michael Lee

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    Toronto (CTV Network) — Canada is targeting Russia’s oil and gas sector as part of a new round of sanctions announced Saturday. The federal government announced that in an effort “to help deplete [Russian] President Vladimir Putin’s war chest” and limit Russia’s ability to wage war in Ukraine, Canada will expand existing sanctions on the country’s oil, gas and chemical industries by including industrial manufacturing. A statement released by Global Affairs Canada says the new measures will prohibit Canadian services from contributing to the production of goods made by these sectors. “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,” Foreign Affairs Minister Melanie Joly said. “Canada will not relent in pressuring the Russian regime.” Altogether, oil, gas, chemical and manufacturing make up more than 50 per cent of Russia’s federal revenues, the statement says. Along with land and pipeline transport, the latest sanctions will include the manufacturing of metals, as well as transport, computer, electronic and electrical equipment manufacturing and machinery. Canadian businesses will have 60 days to comply with the sanctions. The announcement comes a day after the federal government announced additional sanctions against Russian media, as well as the head of the Russian Orthodox Church, Vladimir Mikhailovich Gundyayev, who has spoken favourably of Putin’s war in Ukraine. As of July 7, Canada has sanctioned more than 1,600 people and organizations in Russia, Ukraine and Belarus since 2014 following Russia’s annexation of Crimea, including more than 1,150 since the invasion of Ukraine in February, Global Affairs Canada says. With files from The Canadian Press

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Tom Yun