'Very hard to predict what’s going to happen:' Russia's advance on Ukraine puts Canadian dreams on hold, threatens investment — via financialpost worldeconomy
The new Cold War between Russia and the United States and its Western allies has effectively forced Ozubko to put those dreams on hold since 2014, when Russian President Vladimir Putin invaded Crimea, and then annexed it. The West responded with sanctions, and suspended Russia’s membership in the G8 group of economic powers. The situation has been tense ever since, impeding efforts to strengthen Canada’s economic ties with the country.
Something akin to an invasion happened on Feb. 21 when Putin sent “peacekeepers” into the Donetsk and Luhansk regions of Ukraine, where Russian-backed separatist forces have been fighting the Ukraine government in recent years.as Western nations, including Canada, promised sanctions in response to Putin’s provocation. German Chancellor Olaf Scholz suspended the approval process for the Nord Stream 2 gas pipeline that would allow Russia to increase exports of natural gas to the European Union.
“Canada strongly condemns President Putin’s recognition of the non-government controlled areas of Donetsk and Luhansk as independent territories,” Melanie Joly, the global affairs minister, said in a statement issued late on Feb. 21. “Canada, with its partners and allies, will react firmly to this blatant disregard for international law. We are preparing to impose economic sanctions for these actions, separate from those prepared to respond to any further military invasion of Ukraine by Russia.
“This is clearly a potentially huge stagflationary shock for the world economy at a time when pandemic-induced bottleneck pressures were just showing signs of a thaw,” Rosbenberg wrote in his daily report to his clients.Article content
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