ANNOUNCEMENT 24 Feb 2022

In February 2022, the government of Canada imposed economic restrictions on 27 Russian entities following Russia's attack on Ukraine.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

Government of Canada. "Regulations Amending the Special Economic Measures (Russia) Regulations (SOR/2022-029)". 24/02/2022. Available at: https://www.international.gc.ca/world-monde/international_relations-relations_internationales/sanctions/russia_regulations-reglement_russie.aspx?lang=eng

Government of Canada. "Canada imposes additional economic measures on Russia in response to Russia’s attack on Ukraine". 24/02/2022. Available at: https://www.canada.ca/en/global-affairs/news/2022/02/canada-imposes-additional-economic-measures-on-russia-in-response-to-russias-attack-on-ukraine.html

Prime Minister of Canada Justin Trudeau. "Canada announces additional measures to support Ukraine". 24/02/2022. Available at: https://pm.gc.ca/en/news/news-releases/2022/02/24/canada-announces-additional-measures-support-ukraine

Inception date: 24 Feb 2022 | Removal date: open ended

Controls on commercial transactions and investment instruments

On 24 February 2022, the government of Canada promulgated Regulations Amending the Special Economic Measures (Russia) Regulations (SOR/2022-029), introducing new sanctions against 27 Russian entities by adding them to part 2 of Schedule 1 of Special Economic Measures (Russia) Regulations. The restrictions were introduced following Russia's attack on Ukraine. 

The new restrictions prohibit all Canadian entities and individuals to engage in any commercial transactions with the 27 Russian enterprises named. Among the sanctioned entities are Sberbank, VTB, Russian Direct Investment Fund, Eximbank of Russia, Bank Otkritie Financial Corporation PJSC, Novikombank JSCB, Cetelem Bank, Alfa-Bank, Transkapitalbank PJSC, Ural Bank for Reconstruction and Development, Genbank, Black Sea Bank for Development and Reconstruction, Rostec, Sovcombank, Wagner, Rostelecom, RusHydro, Alrosa, Sovcomflot, Russian Railways, Gazprombank, Gazprom, Gazpromneft, Transneft, Russian Agricultural Bank, Tactical Missiles Corporation, and United Aircraft Corporation. 

Apart from the aforementioned entities, the government also imposed sanctions on 23 Russian individuals. 

Announcing the measures, Justin Trudeau, the Prime Minister of Canada, said: “Canada condemns in the strongest possible terms Russia’s egregious attack on Ukraine. Canada is taking strong action to stand up for what is right and protect the rights and freedoms of the Ukrainian people. Let me be clear: there will be serious consequences for Russia’s actions. Together with our allies and partners, we will continue to take decisive action to support the sovereignty, territorial integrity, and independence of Ukraine and by extension, democratic principles, freedom, and human rights around the world.”

AFFECTED SECTORS

 
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