Trade lawyer explains the fine line between an economic embargo and a blockade of Russia
Bombardier Inc. and Canadian Tire Corp. have joined other Canadian companies in suspending their Russia-linked operations following country's unprovoked invasion of Ukraine.
Bombardier says it is deeply saddened by the unfolding humanitarian crisis and has suspended all activities with Russian clients, including all forms of technical assistance.
Canadian Tire says it has paused its Helly Hansen operations in Russia, which includes 41 retail stores, online sales and product shipments with over 300 employees.
The company says its priority is protecting the safety and well-being of its employees, and that it will continue to pay them during the shutdown.
The commitments follow on Magna International Inc. announcing Thursday that it had idled its six automotive plants in Russia, while on Wednesday Kinross Gold Corp. said it was working to suspend operations at its mining projects in the country.
Canadian pension funds and investment firms have also announced they are divesting their holdings in Russian companies.