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Canadian Prime Minister Stephen Harper imposed new sanctions on Russia this week, including on Rosneft

Stephen Harper’s government announced Tuesday the expansion of sanctions against Russia for its involvement in Ukraine. The expanded sanctions target Russia’s largest oil producer, Rosneft (ticker: RNFTF), as well as Rostec, which encompasses weapons, cars and metals. Canada had previously resisted sanctioning both companies because of their business interests in Canada.

Rosneft owns about 30% of a Canadian oil field, while Rostec has an aircraft assembly joint venture with Canadian Bombardier Inc. (ticker: BBD/B). Bombardier announced last year that the venture would be delayed as a result of the earlier rounds of sanctions, reports Reuters.

The Harper government said that the goal of sanctions was to penalize Russian companies and not to damage Canadian business, but sought to continue mounting pressure on the Kremlin by adding two of Russia’s largest companies to its sanctions list. “In coordination with our E.U. and U.S. partners, Canada is once again intensifying its response to the situation by announcing further sanctions against Russian and Ukrainian individuals and entities,” Harper said in a statement.

Canadian Crude Production EIA

“Sanctions against the departed”

A spokesperson for Rosneft responded to news of the sanctions, saying Canada’s oil industry was on its deathbed, reports The Moscow Times. “In Canada the [oil] industry is in a near-death condition. This was sanctions against the departed, and I don’t mean Rosneft, I mean Canadian oil production,” said Rosneft spokesperson Mikhail Leontiev.

Russian Production EIA

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Important disclosures: The information provided herein is believed to be reliable; however, EnerCom, Inc. makes no representation or warranty as to its completeness or accuracy. EnerCom’s conclusions are based upon information gathered from sources deemed to be reliable. This note is not intended as an offer or solicitation for the purchase or sale of any security or financial instrument of any company mentioned in this note. This note was prepared for general circulation and does not provide investment recommendations specific to individual investors. All readers of the note must make their own investment decisions based upon their specific investment objectives and financial situation utilizing their own financial advisors as they deem necessary. Investors should consider a company’s entire financial and operational structure in making any investment decisions. Past performance of any company discussed in this note should not be taken as an indication or guarantee of future results. EnerCom is a multi-disciplined management consulting services firm that regularly intends to seek business, or currently may be undertaking business, with companies covered on Oil & Gas 360®, and thereby seeks to receive compensation from these companies for its services. In addition, EnerCom, or its principals or employees, may have an economic interest in any of these companies. As a result, readers of EnerCom’s Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this note. EnerCom, or its principals or employees, may have an economic interest in any of the companies covered in this report or on Oil & Gas 360®. As a result, readers of EnerCom’s reports or Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.