The Honorable Mélanie Joly, Minister of Foreign Affairs, today announced that Canada intends to impose new sanctions in relation to Russia’s illegal and unjustifiable invasion of Ukraine. These sanctions are in addition to the broad sanctions that Canada continues to impose on the Russian regime, including those announced by Minister Joly at the G20 in Bali, Indonesia on July 8.
The oil, gas, chemical and manufacturing sectors account for more than 50% of Russia’s federal budget revenue, which it uses to wage its illegal and unprovoked war in Ukraine. So, 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 from contributing to the production of goods manufactured by these sectors.
These new penalties will apply to land and pipeline transportation and the manufacturing of metals and transportation, computer, electronic and electrical equipment, and machinery. Once the measures are in place, Canadian businesses will have 60 days to enter into contracts with targeted industries and services.
This ban will expand the scope of existing measures and put additional pressure on a pillar of the Russian economy. These sanctions are part of an ongoing 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.