http://www.thestar.com/news/canada/...ps_fresh_sanctions_travel_bans_on_russia.html
Russian President Vladimir Putin has ordered restrictions on food imports to strike back at the U.S. and other countries that have imposed sanctions over the turmoil in Ukraine.
The move came on the same day that Prime Minister Stephen Harper imposed fresh economic sanctions and travel bans on some Russian and Ukrainian individuals and groups.
The impact of Putin’s move on Canadian agricultural exports to Russia was not immediately known.
Canada exported $1.7 billion worth of goods to Russia in 2012, led by exports of food, including pork and crustaceans, according to a government of Canada report.
The Canadian Pork Council said it was monitoring the situation closely Wednesday.
Russia was expected to release a list of restricted or banned goods on Thursday.
The Canadian sanctions and bans come amid reports that Russia is massing thousands of troops along the Ukrainian border.
The Canadian measures, aimed at some 19 people and 22 groups and banks, are similar to those imposed by the European Union and the
United States a week earlier and come on top of previous sanctions by Canada.
Putin retaliated Wednesday by issuing an order that bans or restricts for a year the importation of agricultural produce, raw materials and food from countries that have imposed sanctions on Russia.
Russia was Canada’s 18th largest export destination in 2012, according to a federal government report called “Canadian Trade and Investment Activity: Canada-Russia.”
Russia is the third-largest market for Canadian pork exports, after China and the U.S.
Canadian pork producers, who have shipped $213 million worth of pork to Russia so far this year, said they’re monitoring events in Russia closely.
To date, they have not received any notices of a disruption in trade, said Gary Stordy, spokesperson for the Canadian Pork Council, in an interview.
Putin’s move comes as the West tightens the noose around Russia’s economy, initially targeting wealthy Putin supporters, then adding members of its security and defence establishment and now its financial services sector.
“We can see there’s a strategy of targeting three broad groups: oligarchs, who are the ‘gazillionaires’ around Putin; the bureaucrats in the security and defence establishment — the equivalent of the Pentagon or the CIA in the States, who have access to all the latest intelligence info out of Ukraine — and the financial sector,” said Ian Lee, an assistant professor in Carleton University’s Sprott School of Business.
Limiting the financial sector’s ability to operate will have the quickest impact on Russia’s economy, Lee predicted. “The financial sector is the lifeblood of any modern society. If you restrict it, it’s the equivalent of a heart attack or a stroke.”
Harper said Russia’s occupation of the Crimean peninsula and provocative military activity in eastern Ukraine is a “grave concern” to Canada and the world.
Canada is prepared to take further actions if Putin’s government continues its military aggression, Harper said in a statement.
“President Putin has not provided any indication that he is prepared to respect Ukraine’s territorial integrity or use his control over Russian-backed agents to end the violence in Ukraine,” he said.
“On the contrary, reports indicate that, despite the criminal downing of MH17, Russia continues to provide logistical support and sophisticated weapons to its agents in eastern Ukraine.”
Last month, all 298 people aboard Malaysia Airlines Flight 17, which was travelling from Amsterdam to Kuala Lumpur, were killed when the aircraft was shot down over contested territory in eastern Ukraine.
Fighting is still raging in eastern Ukraine between government forces and pro-Russia separatists.
Western leaders have accused Russia of building up forces along the border — a claim Russia denies.
The latest targets of Canadian sanctions include Russia’s second-largest bank, VTB Bank OAO, as well as Bank of Moscow and Russian Agricultural Bank.
They also include Dobrolet Airlines, a low-cost subsidiary of state-owned Aeroflot. The airline suspended flights earlier this week, citing the impact of sanctions on its business.
Russian President Vladimir Putin has ordered restrictions on food imports to strike back at the U.S. and other countries that have imposed sanctions over the turmoil in Ukraine.
The move came on the same day that Prime Minister Stephen Harper imposed fresh economic sanctions and travel bans on some Russian and Ukrainian individuals and groups.
The impact of Putin’s move on Canadian agricultural exports to Russia was not immediately known.
Canada exported $1.7 billion worth of goods to Russia in 2012, led by exports of food, including pork and crustaceans, according to a government of Canada report.
The Canadian Pork Council said it was monitoring the situation closely Wednesday.
Russia was expected to release a list of restricted or banned goods on Thursday.
The Canadian sanctions and bans come amid reports that Russia is massing thousands of troops along the Ukrainian border.
The Canadian measures, aimed at some 19 people and 22 groups and banks, are similar to those imposed by the European Union and the
United States a week earlier and come on top of previous sanctions by Canada.
Putin retaliated Wednesday by issuing an order that bans or restricts for a year the importation of agricultural produce, raw materials and food from countries that have imposed sanctions on Russia.
Russia was Canada’s 18th largest export destination in 2012, according to a federal government report called “Canadian Trade and Investment Activity: Canada-Russia.”
Russia is the third-largest market for Canadian pork exports, after China and the U.S.
Canadian pork producers, who have shipped $213 million worth of pork to Russia so far this year, said they’re monitoring events in Russia closely.
To date, they have not received any notices of a disruption in trade, said Gary Stordy, spokesperson for the Canadian Pork Council, in an interview.
Putin’s move comes as the West tightens the noose around Russia’s economy, initially targeting wealthy Putin supporters, then adding members of its security and defence establishment and now its financial services sector.
“We can see there’s a strategy of targeting three broad groups: oligarchs, who are the ‘gazillionaires’ around Putin; the bureaucrats in the security and defence establishment — the equivalent of the Pentagon or the CIA in the States, who have access to all the latest intelligence info out of Ukraine — and the financial sector,” said Ian Lee, an assistant professor in Carleton University’s Sprott School of Business.
Limiting the financial sector’s ability to operate will have the quickest impact on Russia’s economy, Lee predicted. “The financial sector is the lifeblood of any modern society. If you restrict it, it’s the equivalent of a heart attack or a stroke.”
Harper said Russia’s occupation of the Crimean peninsula and provocative military activity in eastern Ukraine is a “grave concern” to Canada and the world.
Canada is prepared to take further actions if Putin’s government continues its military aggression, Harper said in a statement.
“President Putin has not provided any indication that he is prepared to respect Ukraine’s territorial integrity or use his control over Russian-backed agents to end the violence in Ukraine,” he said.
“On the contrary, reports indicate that, despite the criminal downing of MH17, Russia continues to provide logistical support and sophisticated weapons to its agents in eastern Ukraine.”
Last month, all 298 people aboard Malaysia Airlines Flight 17, which was travelling from Amsterdam to Kuala Lumpur, were killed when the aircraft was shot down over contested territory in eastern Ukraine.
Fighting is still raging in eastern Ukraine between government forces and pro-Russia separatists.
Western leaders have accused Russia of building up forces along the border — a claim Russia denies.
The latest targets of Canadian sanctions include Russia’s second-largest bank, VTB Bank OAO, as well as Bank of Moscow and Russian Agricultural Bank.
They also include Dobrolet Airlines, a low-cost subsidiary of state-owned Aeroflot. The airline suspended flights earlier this week, citing the impact of sanctions on its business.
