Diane Francis: The great resource reset is underway, as punitive sanctions against Russia strand its natural resource and agricultural production and offer opportunities to resource-rich countries such as Canada, Australia and the United States.
Russia is being isolated by financial restrictions and the noose looks to be tightening as the European Union mulls even tougher restrictions on imports of Russian coal, oil and natural gas. Just as significant are the sanctions that prohibit Russia’s access to U.S. dollar transactions, as well as to the companies, capital, technology and expertise that have built its resource industries.
Geologically, Canada is a mirror image of Russia and the two are among the world’s biggest producers of oil and gas, uranium, nickel, potash and wheat. Countries are now competing to secure Canadian supplies of these and other commodities. Two weeks after the February invasion of Ukraine, Brazil’s agricultural minister flew up to Canada to secure supplies of potash for its gigantic agricultural sector.
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