Canada Ratchets Up Sanctions Against Russia, Cancels Export Permits

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  • By: Go Transport Canada
  • Date:28-Feb-2022
Canada Ratchets Up Sanctions Against Russia, Cancels Export Permits

Canada announced more sanctions against Russia on Thursday, targeting 62 individuals and entities, including members of the elite and major banks, and cancelled all export permits following Russia's attack on Ukraine.


"Today, in light of Russia's reckless and dangerous military strike, we are imposing further, severe sanctions," Prime Minister Justin Trudeau said at a news conference.


"These sanctions are wide-reaching. They will impose severe costs on complicit Russian elites, and they will limit President (Vladimir) Putin's ability to continue funding this unjustified invasion," Trudeau said.


Read more in an article from Reuters.


War In Ukraine Will Magnify The Global Trade Crisis


Disruptions in global trade are about to go from bad to worse.


With Russia’s invasion of Ukraine early Thursday, energy costs are soaring, stocks are plunging, Western sanctions are being sharpened, and central bankers already worried about inflation face additional drags from weaker consumer confidence and bigger potential shocks to fragile European economies.


For global supply chains, “a kinetic conflict in Ukraine could generate a wide range of challenges,” Chris Rogers, an economist in the UK with Flexport, says in a report this week. The risks extend beyond higher energy costs to include disrupted air space in the region, higher rates for shipping insurance and cyberattacks, he says.


Read more in an article from gCaptain.


Five Ways Supply Chains Will Be Hit by War in Ukraine


The war in Ukraine is threatening further disruption to already stretched supply chains. Ukraine and Russia may account for only a small proportion of the imports of major manufacturing nations like Germany and the U.S., but they are essential suppliers of raw materials and energy for many crucial supply chains.


Though the economic consequences of a war that threatens the lives and livelihoods of many Ukrainians will always be secondary to the looming humanitarian crisis, there are five areas likely to see trouble ahead.


Read more in an article from Inside Logistics.


Trading Relationship with U.S. Unaffected by Border Blockades, Says U.S. Ambassador


The United States' ambassador to Canada says the trading relationship between the two countries remains strong and was not damaged by the recent run of blockades that hampered the movement of goods along the Canada-U.S. border.


"I think it has not affected the trading relationship between our two countries. And I think it is doubtful that it will," said Ambassador David Cohen.


Protesters demonstrating against vaccine mandates and other public health measures succeeded in closing the Ambassador Bridge border crossing between Windsor, Ont., and Detroit for nearly a week, causing both countries deep economic pain.


Cohen said its closure, and related disruptions to border crossings in Emerson, Manitoba, Surrey B.C. and Coutts, Alberta, did not cause any deep alarm south of the border despite the rhetoric coming from some U.S. politicians. 


Read more in an article from CBC News.

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