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Russia’s invasion of Ukraine has sparked unprecedented economic and financial retaliation from western nations which are piling on sanctions in what France has called “all-out economic and financial war.”
But the conflict will have consequences for the whole world as it cuts off crucial energy and crop supplies, disrupts businesses and upsets financial markets, already under stress as central banks tighten policy.
There is a lot going on out there so check here for the latest news on how the conflict is affecting markets, businesses and the economy.
Canada has imposed new sanctions against Russia’s energy sector in response to “Russia’s unprovoked and unjustifiable invasion of Ukraine.”
Mélanie Joly, Minister of Foreign Affairs, said in a release that new restrictions are being imposed on 10 key individuals in Russian energy giants Rosneft and Gazprom in an effort to pressure the country to cease hostilities. The government did not name the individuals.
Ottawa said it would continue to consult with its allies on further sanctions if Russia persists with its aggression against Ukraine.
“Canada’s support for Ukraine and its people is unwavering. We will continue to meet every act of aggression by Russia’s leadership with measures designed to weaken its ability to wage war,” Joly said in the release. “As the horrific events in Ukraine continue to unfold before our eyes, it is clear more must be done. Those who aid and abet Russian aggression will be held accountable. Canada stands with Ukraine.”
Additional reporting by Reuters and Bloomberg