Canada stops importing aluminum and steel from Russia
Following price restrictions on oil and gas from Canadian government rejects Russian metals.
In 2021 Canada imported $45 million CAD worth of aluminum and $213 million CAD worth of steel products from Russia. Now, due to Russia's invasion of Ukraine, the decision was made to refuse purchases of aluminum and finished goods. Containers and other household items are also banned.
"We continue to do everything we can to cut off or limit the revenue used to fund Putin’s invasion of Ukraine. Canada and our partners have already sanctioned 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 to Canada," said Minister of Finance Chrystia Freeland.
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.
In 2022 the import of unprocessed goods from Russia to Canada was about 2,500 tons compared to more than 9,000 tons in 2020 and 2021. Canada is one of the world's largest producers of primary aluminum.
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