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In response to Russia’s invasion of Ukraine, Canada and the U.S. have imposed new sanctions. The new sanctions include restrictions on individuals who are key members of President Putin’s inner circle, close contacts and family members of some individuals already sanctioned by Canada and the U.S., and key financial institutions.
In addition to other financial sanctions, Canada and the U.S. have revoked “Most-Favoured Nation status” for Russia and Belarus as trading partners, meaning imports will be subject to higher tariffs.
On February 24, 2022, Canada announced restrictions on exports to Russia. Canada stopped the issuance of new export permit applications and cancelled valid existing export permits for controlled goods and technology to Russia.
On March 8, 2022, the U.S. prohibited imports of Russian oil, liquefied natural gas, coal, and related products into the United States as well as prohibiting US persons from engaging in any new investment in the energy sector of the Russian Federation. These restrictions specifically target Russian-origin products, and do not affect those simply passing through the Russian Federation.
Earlier this month Canada banned Russian owned ocean vessels from docking at Canadian ports, the U.S. followed with their own ban to not allow docking for Russian-flagged vessels.
For the most current sanctions, refer to the following links:
For more information, contact Brian Rowe, Director – Customs Compliance & Regulatory Affairs.
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