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Canada Imposes Sanctions Against Key Russian Banks, Defense Firms

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Canada has included a range of Russian banks and entities related to Russia’s arms industry on a “black list” over the Ukrainian crisis, a statement on the website of the country’s prime minister has said.

MOSCOW, July 25 (RIA Novosti) – Canada has included a range of Russian banks and entities related to Russia’s arms industry on a “black list” over the Ukrainian crisis, a statement on the website of the country’s prime minister has said.

“The measures we are announcing today include sanctions against a broad range of entities from Russia’s arms industry, as well as from its financial and energy sectors,” Canadian Prime Minister Stephen Harper said in a statement.

The firms also included on the list are Novatek, Russia's largest independent natural gas producer, Gazprombank, Russia's third-largest lender, as well as state development bank Vnesheconombank and small arms producer Kalashnikov.

The companies targeted by Canada’s sanctions also include the Almaz-Antey corporation, JSC Concern Sozvezdie, JSC Concern Radio-Electronic Technologies, Bazalt weapons manufacturing company and KBP Instrument Design Bureau.

The new measures impose restrictions on the “issuance of new financing for the designated energy and financial entities” in an effort to put further “increasing economic and political pressure” on Russia.

Besides, Canada has added to the “black list” the Donetsk and Luhansk People’s Republics, which proclaimed independence from Ukraine following a May referendum.

Their leaders, including Alexander Boroday, the prime minister of the Donetsk People’s Republic, have been also included on the sanctions list.

Earlier this month, the United States introduced sanctions against these companies and also Russian oil giant Rosneft. The European Union is also currently discussing sectoral sanctions against Russia.

Relations between Russia and Canada have been deteriorating since March amid the events in Ukraine. In June, the Russian Foreign Ministry announced sanctions against 13 Canada's high-ranking officials subject to visa ban over Canada's sanctions against Moscow.

Moscow has repeatedly called the language of sanctions counterproductive and said these measures would have a boomerang effect on economies.

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