Sanctions by Russia will affect Canada's pork industry, but the U.S. and Canada are saying Valdimir Putin's tactics will only hurt his country more.
At an unrelated press conference this morning, federal Industry Minister James Moore had some strong words for the Russian president.
Moore denounced Putin's "irresponsible and belligerent" involvement in Ukraine in recent months, including annexing the Crimea, supporting pro-Russian Ukrainian rebels and meddling in the crash site of Malaysia Airlines Flight 17.
He said Canada has to stand by its principles.
"We will certainly look at the impact of these sanctions on the Canadian economy but we will in no way cause us to have any hesitation in the principled position we've taken in opposing Vladimir Putin's regime," he said.
Moore added that Russia's actions are accentuating the need for greater free trade with stable and friendly allies.
He pointed out that new agreements with Europe and South Korea will in the long term offset any loss of business in Russia.
"Those pork producers that may have concerns about what the impact these sanctions will have will see other opportunities in other markets to engage in," he said. "We certainly will not be in any way intimidated."
The White House said Moscow's move to ban agricultural imports will just isolate Putin further.
Russia's news agency quotes an official as saying no agricultural products produced in the U.S. will be allowed in.
Russian foreign policy expert Olga Oliker says the sanctions will have more of an impact on the upper class in Russia.
Putin has ordered authorities to come up with a list of agricultural products from countries that have imposed sanctions on Russia, including Canada.
Canada exports more than $500 million dollars of pork products to Russia every year.