Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced that Canada is banning the import of Russian aluminum and steel products.
Through regulatory amendments under the Special Economic Measures (Russia) Regulations, the importation of all Russian aluminum products, such as unwrought aluminum, aluminum sheets, and finished products including containers and other household items made from aluminum, is now prohibited. Also banned are all primary Russian steel products, including iron and non-alloy steel, semi-finished, and finished products such as tubes and pipes.
This ban will further deny Russia the ability to generate the revenues it needs to pay for its war against Ukraine. Canada continues to work alongside its partners and allies to hold Russia accountable.
“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. Canada, and our partners, have already sanctioned the Russian Central Bank and capped the price of Russian oil and gas. And now, 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.”
- In 2022, Canada committed over $5 billion in direct financial, military, humanitarian, and immigration assistance to Ukraine. This includes $2.5 billion in direct economic support, all of which has been provided, including:
- $1.95 billion in loan resources through the Administered Account for Ukraine at the International Monetary Fund (IMF) that Canada championed ($500 million of which represents equivalent proceeds from the Ukraine Sovereignty Bond);
- $500 million in direct bilateral loans; and
- A €36.5 million (approximately $50 million) European Bank for Reconstruction and Development loan guarantee to facilitate support to Ukraine’s Naftogaz.
- In 2021, Canada imported $45 million of aluminum and $213 million of steel products from Russia.