Canada’s Foreign Ministry has announced that it will impose new economic sanctions on oil, gas and chemical products from Russia amid the ongoing war in Ukraine.
According to information from Global Affairs Canada (GAC), on June 8, Canadian Foreign Minister Mélanie Joly announced that Ottowa would issue new economic sanctions against Russia based on “Regulation special economic measures”.
“Canada will continue to use sanctions within its power to reduce Russia’s ability to finance military operations,” Foreign Minister Joly said.
Specifically, these new sanctions include a ban on the export of 28 essential services and products related to the petroleum and chemical industries. Services such as technical support, management, accounting or even advertising will also be included in the sanctions.
Banning the export of these essential services is expected to cause great economic damage to Russia’s oil industry, which accounts for about 50% of Moscow’s budget revenues.
Canada has imposed sanctions on more than 1,070 individuals and entities from Russia since hostilities broke out in February.
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