OTTAWA, ON (October 31, 2024):
Russia is weaponizing its vast reserves of grains, fertilizers, critical minerals, and coal to hold global markets hostage. Russia attempted to ‘freeze’ Europe by cutting off its natural gas supplies and threatened to ‘starve’ its opponents by cutting off grain and food. It’s time for the West to finally learn its lesson. We must commit to phasing out overreliance on authoritarian, rogue states for natural resources.
A new Macdonald-Laurier Institute paper, “Commodities as Weapons,” by Dr. Sergey Sukhankin, explains how Canada can play a decisive role in safeguarding critical supply chains and weakening Russia’s global influence.
As Russia exploits its dominant position in resource markets to further its imperialist aggression, Canada can act as the reliable, ethical alternative that our allies desperately need. With our political stability, adherence to environmental standards, and wealth of essential commodities – from grains and coal to uranium and rare earth minerals – Canada has everything it takes to become a trusted supplier for those looking to reduce their dependence on Russia.
The rapid growth of the green economy (with mining and critical minerals playing a key role) and global population growth (which puts further pressure on access to food and fertilizers) only intensifies demand for these commodities. The time to act is now. “While its foreign partners are clearly interested in Canada’s abundant natural resources and are attracted by its proven credibility as a trade partner, Canada’s ruling elite must acknowledge the fact that Russia’s exclusion from the global economy is likely temporary. It will not last forever and Canada should not miss this opportunity,” Dr. Sukhankin writes.
To effectively counter Russia’s leverage, we need to strategically bolster exports and forge new partnerships. Canada needs to be open for business. Targeted trade with Indo-Pacific nations and Western allies can help Canada meet soaring demand for responsibly sourced resources, keeping vital industries secure and reducing vulnerability to Moscow’s extortion tactics.
“[…] the collective West kept ignoring the fact that one day Russia could turn commodities (its cash cow) into a geopolitical weapon and a tool for blackmail,” warns Sukhankin. “For Canada, this presents a historic opportunity to supplant Russian exports with Canadian goods and commodities.”
By seizing this critical moment, Canada stands to benefit economically, while meaningfully taking part in the revived global struggle against aggressive and imperialistic authoritarian states.
To learn more, read the full paper here:
Sergey Sukhankin is a senior fellow at the Jamestown Foundation and the Saratoga Foundation (both in Washington, DC) and a fellow at the North American and Arctic Defence and Security Network (NAADSN). He teaches International Business at MacEwan School of Business (MacEwan University, Edmonton.)
For further information, media are invited to contact:
Dagny Pawlak-Loerchner
Senior Communications Officer
613-482-8327 x113
dagny.pawlak-loerchner@macdonaldlaurier.ca
