Canada sanctions entities, individuals allegedly linked to Russia

By Al Mayadeen English
Source: Agencies
23 Aug 2023 22:47

Canada has intensified its stance against Russia by imposing a fresh round of sanctions on four individuals and twenty-nine entities.

Canada’s Prime Minister Justin Trudeau speaking at a news conference (AP)

Canada has implemented new sanctions targeting four individuals and 29 entities allegedly linked to Russia's military, finance, nuclear, and industrial sectors, as announced by Prime Minister Justin Trudeau.

Trudeau reaffirmed Canada's support for Ukraine during the Third Summit of the Crimea Platform. The sanctions, falling under the Special Economic Measures, focus on those allegedly involved in Russia's military activities in Ukraine, including a military colonel convicted by the Hague's District Court for the downing of Malaysia Airlines MH17 flight in 2014.

Additionally, companies engaged in the development of civilian and military products, particularly in aviation, marine, and nuclear fields, were targeted.

Notable among them is Promtekhnologiya LLC, connected to the Wagner Group's activities. The financial sector also faced sanctions, affecting Bank Uralsib, Bank Zenit, Rosbank, and the Russian Regional Development Bank, with alleged links to Russian President Vladimir Putin.

Furthermore, Canada's sanctions extended to the nuclear sector, involving ROSATOM subsidiaries, aligning with Canada's commitment to hold Russia accountable for alleged breaches of international nuclear standards.

It is worth noting that the hysteric Western sanctions, unprecedented in history in terms of volume and period span in which they were adopted, did not subdue Moscow as President Vladimir Putin affirms that Russia's economic growth remains steady, with the country entering the top five largest economies globally in 2022, surpassing Germany in both purchasing power parity and economic size, during a session of the Council for Strategic Development and National Projects.

Despite facing challenges such as Western sanctions and the conflict in Ukraine, Russia has demonstrated remarkable resilience in maintaining its economic stability. The country's ability to navigate through adversities and sustain its economic foundation underscores its capacity to adapt and manage various external pressures. This stability is evident in key indicators such as trade growth, budget surplus expectations, and effective management of economic resources. Despite the obstacles it has encountered, Russia has shown that it may be effective in fighting weather challenges and keeping its economy on a steady course.