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Canada Imposes Additional Sanctions, Including Against Rosneft

February 18, 2015

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On February 17, 2015, the Government of Canada announced a new round of sanctions against Russian and Ukrainian individuals and entities, including leading Russian oil firm NK Rosneft OAO.

In response to what Prime Minister Stephen Harper called the "escalated acts of aggression" in recent weeks by Russian-backed fighters in Eastern Ukraine, Canada amended the list of designated persons under the Special Economic Measures (Russia) Regulations and the Special Economic Measures (Ukraine) Regulations to impose travel bans against 37 Russian and Ukrainian individuals and economic sanctions against 17 Russian and Ukrainian entities.

It is prohibited for Canadians to engage in most business dealings with listed individuals or entities. Importantly, the newly-expanded list now includes Rosneft, Russia's largest oil producer, as well as military officials, politicians and leaders of Russian-backed separatist forces in Ukraine. Canada's amendments will prevent Canadians from providing new debt financing to specific listed entities, including Rosneft. This new round of sanctions brings Canada's regime into step with the US and EU, which have imposed sanctions limiting access to capital markets on Rosneft since July and September 2014, respectively.

According to the Prime Minister's office, the imposition of sanctions is closely related to developments on the ground. The Prime Minister's statement made clear that Canada is "closely monitoring the implementation of the ceasefire agreement" and is "prepared to take further action against Russia and Russian-backed insurgents should they fail fundamentally to implement the provisions of this accord."

The newly sanctioned individuals and entities are as follows:

Russian Individuals

Russian Entities

Ukrainian Individuals

Ukrainian Entities

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