Feds say they're not worried about Russia's new food sanctions

Jessica Hume, National Bureau

, Last Updated: 6:14 PM ET

OTTAWA — The finance minister says Canada continues to assess the potential impacts of sanctions against agricultural and other food products imposed last week by Russia.

Russian President Vladimir Putin has halted the import of food products from Western nations that have imposed sanctions against his country.

"The big picture is our country has principled foreign policy and is standing with the Ukrainian people as they defend their democracy and sovereignty against aggressive action by Russia," Finance Minister Joe Oliver told reporters Friday.

Russia produces little food domestically and is heavily reliant on foreign imports.

According to Statistics Canada, two-way trade between Canada and Russia in agricultural and food products alone was worth $522 million in 2013.

Canadian exports to Russia in 2012 were valued at $563 million, with the vast majority of that being fresh and frozen pork products and prepared and packaged seafood.

 

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