Canada Nixes Russia Trade Status, Sanctions Rosneft and Gazprom

(Bloomberg) -- Canada is ratcheting up sanctions on Russia in response to the invasion of Ukraine in coordination with Western allies, unveiling new restrictions on energy companies and steep tariffs on exports. 

In a statement late Wednesday, Prime Minister Justin Trudeau's government imposed new sanctions on 10 individuals at Rosneft Oil Co. and Gazprom PJSC. And at a press conference Thursday morning, it revoked most favored nation status for Russia and Belarus, which slaps a 35% tariff on their exports to Canada. 

Finance Minister Chrystia Freeland indicated that Canada was preparing to unleash even more measures in the days ahead.

“I want Russia's leaders to understand -- Russia's oligarchs to understand -- we're going to keep going,” Freeland, who is of Ukrainian descent, told reporters in Ottawa. “We are being very creative. We're using tools no one would have imagined using just a week ago. And there's more to come.”

Canada's most senior officials have announced new sanctions on an almost-daily basis since Russia launched its invasion of Ukraine. Trudeau's government has already revoked export permits and banned Russian vessels from its waters. It is also closely examining the holdings of Russian oligarchs in oil-rich Western Canada.

At a separate event later Thursday, Trudeau announced that Canada was supporting an effort to get Russia kicked out of the International Criminal Police Organization, known as Interpol. 

“We believe that international law enforcement cooperation depends on a collective commitment to the Universal Declaration on Human Rights,” Trudeau said.

Canada -- whose Ukrainian community numbers than 1.3 million, the largest outside Russia -- also increased its support for those fleeing the intensifying violence as President Vladimir Putin's forces surround and attack major cities. 

Immigration Minister Sean Fraser, appearing alongside Freeland on Thursday, said there would be no limit on applications for emergency travel authorization for temporary stays of as long as two years in Canada. He also said family sponsored applications for residency would be fast-tracked. 

Defense Minister Anita Anand, meanwhile, pledged more lethal military aid for Ukraine, announcing a new shipment of rocket launchers and grenades.

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