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.
“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.
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