Canada is targeting Russia’s oil and gas sector in a new round of sanctions announced on Saturday.
The federal government has announced that, in an effort to “help deplete [Russian] President Vladimir Putin’s War Chest” and limit Russia’s ability to wage war on Ukraine, Canada will expand existing sanctions on the country’s oil, gas and chemical industries to include 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 steadfast in its support for Ukraine’s sovereignty and territorial integrity. Putin’s unjustifiable war has affected millions of people in Ukraine and around the world. This is why we will continue to target the coffers of the Russian regime,” said Foreign Minister Mélanie Joly.
“Canada will not relax its pressure on the Russian regime.”
In total, oil, gas, chemicals and manufacturing account for more than 50% of Russia’s federal revenue, the statement said.
In addition to land and pipeline transport, the latest sanctions will relate to metal manufacturing, as well as transport, the manufacture of computer, electronic and electrical equipment and machinery.
Canadian companies 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 spoke favorably of Putin’s war in Ukraine.
As of July 7, Canada has sanctioned more than 1,600 individuals and organizations in Russia, Ukraine and Belarus since 2014 following Russia’s annexation of Crimea, including more than 1,150 since the invasion of Crimea. Ukraine in February, according to Global Affairs Canada.
With files from The Canadian Press