Canada sanctions Russian energy sector

OTTAWA, July 25 (UPI) -- Canadian Prime Minister Stephen Harper announced new sanctions targeting the Russian energy sector in response to the Kremlin's pressure on Ukraine.

Harper announced sanctions against 10 separate Russian entities, including Russian independent gas company Novatek and Gazprombank, the financial arm of Russian gas giant Gazprom.

The prime minister said the sanctions were meant as a response to Russia's occupation of the Crimean region in Ukraine and its military action in eastern Ukraine.

"The measures we are announcing include sanctions against a broad range of entities from Russia's arms industry, as well as from its financial and energy sectors," he said Thursday.

Novatek was included in a list of sanctioned entities outlined by the U.S. government in mid July. In a statement issued in response, Novatek said its financial situation is stable and cash flows are sufficient.

Harper's administration didn't extend sanctions to Russian oil company Rosneft. Rosneft in 2012 bought a 30 percent stake in the Cadrium oil development in Alberta from the Canadian subsidiary of Exxon Mobil.

The Russian economy relies heavily on oil and natural gas revenue