Canada on Friday placed a ban on the import of all Russian aluminum and steel products in a move that Ottawa said was intended to deny Moscow the ability to fund its war against Ukraine. Finance Minister Chrystia Freeland said in a statement:
“Ukraine can and must win this war. We continue to do everything we can to cut off or limit the revenue used to fund Putin’s illegal and barbaric invasion of Ukraine.”
The ban covers both finished and unfinished products, and would affect the import of products such as aluminum containers, aluminum sheets as well steel pipes and tubes, according to the statement.
Canada, together with its Western allies, has taken concerted actions against Russia over its war in Ukraine. Ottawa has slammed sanctions on over 1,600 individuals and entities over the invasion and supported Kyiv with over C$5 billion ($3.6 billion) in financial, military, and other aid.
“We are ensuring Putin cannot pay for his war by selling aluminum and steel in Canada, in coordination with action taken by the United States today,” Freeland said.
Russia refers to its actions in Ukraine as a “special military operation” to fight what it calls a security threat from Ukraine’s ties to the West.
Buy Crypto NowIn February, the United States introduced a 200% tariff on Russian aluminum and related products that took effect on Friday. Russian aluminum is produced by Rusal (RUAL.MM), which forms about 6% of global supplies.
Canada imported C$213 million of steel products and C$45 million of aluminum from Russia in 2021, official data showed.
($1 = 1.3794 Canadian dollars)
