Canada’s imports from Russia dipped nearly 80% since Ukraine invasion
He noted that trade in services have also taken a major hit, in particular for companies that help with mining operations in Canada and Russia, given their similar terrain.Pellerin has also come across companies based in Dubai or Europe that have significant exchanges with Russians, and others in which Russian oligarchs have partial control or ownership.
“What the average Canadian does not see is all the business that doesn’t get done with Russian parties as a result of Canadian sanctions _ and frankly all the risk that is being borne by international businesses as a result.” The department gave no indication it would improve the level of detail it provides, with spokesman Grantly Franklin saying in an email that the waivers “are evaluated on a case-by-case basis, and we have a rigorous due diligence process in place.”
In 2021, Russia stood as Canada’s 28th most valuable trading partner, falling last year all the way to 53rd place.
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