Ukraine-Russia tension: Canada pulls out of once-promising Russia’s energy companies

Ottawa: Canada announced new sanctions under the Special Economic Measures (Russia) Regulations in response to Russia’s unprovoked and unjustifiable invasion of Ukraine.

These new measures impose restrictions on 10 key individuals from 2 important companies in Russia’s energy sector, Rosneft and Gazprom. These measures are intended to put further pressure on Russia’s leadership to cease its violations of Ukraine’s sovereignty and territorial integrity.

Gazprom’s and Rosneft’s London-listed stocks suffered gigantic losses, losing over 50% shares.

Canada is taking these actions alongside its international partners and allies and in solidarity with the government and people of Ukraine. This coordination demonstrates the broad international support for Ukraine and its people. There will continue to be consultations with partners on implementing further sanctions if Russia persists with its aggression against Ukraine.

The sanctions are expected to be in effect in the coming days through orders made.