The Honourable Mélanie Joly, Minister of Foreign Affairs, today announced that 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 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 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.
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.
