Canada is imposing new sanctions on Russian oil firm NK Rosneft and Rostec CEO Sergei Chemezov, a close ally of President Vladimir Putin.
The fresh sanctions are the fallout of the actions of Russia-backed militants in eastern Ukraine, Canada has said. The move has come after the country resisted for months to put pressure on Rosneft and Rostec, which both have Canadian business interests.
According to a Reuters report, Canadian Prime Minister Stephen Harper said Ottawa would take more steps against Russia if Putin continues to interfere in Ukraine.
So far, Canada has imposed sanctions against 37 Russians and Ukrainians apart from 17 entities of both the countries. The North American country said it was acting in coordination with the United States and the European Union so that the conflict could end.
On 12 February, after marathon talks in the capital of Belarus, Minsk, Russian President Vladimir Putin announced a ceasefire with Ukraine, which was to be implemented from 15 February. Though the ceasefire was initiated, sporadic fighting has continued in eastern Ukraine.
On 17 February, a Russian-drafted resolution endorsing another ceasefire in Ukraine was unanimously approved by the UN security council, even after pro-Russian rebels reportedly took over Debaltseve, a key transport hub in the disputed territory.
Cost to Russia will rise
Harper said in a statement: "The collective sanctions imposed to date by Canada and its partners are putting real economic pressure on the Putin regime and its collaborators."
"The cost to Russia will continue to rise if it persists in its escalation of the conflict and refuses to allow a peaceful resolution."
While Rosneft owns 30% of a Canadian oil field, Rostec has an aircraft assembly joint venture lined up with the country's multinational aerospace and transportation company, Bombardier Inc.
The aerospace company had announced last year that the venture would be delayed due to previous sanctions applied against Russian firms and individuals.