Deputy Prime Minister Chrystia Freeland acknowledged on March 1 that Canadians could feel some impact from the measures as Canada recently tightened sanctions on Russia in response to the invasion of Ukraine.
“After all, if we are really determined to confront Ukraine, if the stakes in this battle are as high as I believe, we must be honest with ourselves. I am Canada You have to be honest with people. At a press conference in Ottawa, she said that collateral damage could occur in Canada.
Mr Freeland, who is also the Minister of Finance, talked with other G7 Finance Ministers earlier that day, saying, “To be really effective, we must be prepared to be there to really influence. Let’s agree. ” It has a negative effect on your own economy. “
The minister said Canada would be affected, but much more in European countries.
Russia Supplies About 40% of European Union natural gas and prices are currently at record highs, according to Reuters.
Freeland said the impact of Russia’s successful occupation of Ukraine on Canada would be far greater than the costs Canadians would have to pay to absorb the potential impact of Canada’s current actions. ..
Freeland did not elaborate on how Canada would be affected if Putin hijacked Ukraine, but the government’s steady message on this issue is that Putin has long been peaceful and stable in Europe and internationally. It means that he broke the order based on the rules.
“If Russia is allowed to succeed in this, we will be in a world very different from the one we all know, and it will be a very dangerous world for Canada. “Freeland said.
Canada has already imposed many sanctions on Russia, including the financial sector and many oligarchy and officials, in step with its allies. include Russian President Vladimir Putin.
Freeland Said These measures are the strongest ever imposed on major economies, with additional sanctions on institutions and people who “support and enable Putin.”
Freeland does not provide details on future steps, but Ukrainian Finance Minister Serhiy Marchenko said he shared “some very creative and thoughtful thoughts” with his G7 counterparts.
Ottawa recently banned Russia’s oil imports, but not other commodities.government Said Currently not importing Russian oil, but in 2019 Russian oil was made up 3 percent Of Canadian imports.
Canada’s trade with Russia is modest and there will be Russian imports in 2020 total $ 1.19 billion. The most imported products were mineral fuels, fertilizers, metals and rubber.
These imports are not banned, but Canada announcement March 1 bans Russian vessels from entering Canadian waters and ports.
Imminent fallout from disputes and sanctions imposed by the West on Russia comes at a bad time for Canadians, as recent home and gas prices have already broken records.
Before the invasion of Russia on February 24, gas prices soared to new highs, and since then price Crude oil from West Texas Intermediate (WTI) went from $ 92.10 to $ 106.26 on March 1.
Dan McTigg, a gas pricing expert and Canadian president for affordable energy, said: predict On March 3, gas prices rose by up to 14 cents per liter in some Canadian cities. He predicts that gas prices will rise 14 cents per liter in Regina and Saskatoon and 7 cents in Toronto and Montreal. The increase in federal carbon tax on April 1 will add an additional 8.8 cents.
Rising energy costs will also push up the prices of other commodities.
Meanwhile, as the Bank of Canada announced a rate hike on March 2, borrowing costs are also rising and are expected to rise further this year to curb inflation spikes.
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Noé Charter is a Montreal-based Epoch Times reporter.