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Canada Could Help Replace Key Russia Exports, National Bank Says

  • Exports could rise as West punishes Russia over Ukraine war
  • Canadian, Russian resource exports have significant overlap
A barge of lumber and wood products is towed through the Port of Nanaimo in Nanaimo, British Columbia, Canada.

A barge of lumber and wood products is towed through the Port of Nanaimo in Nanaimo, British Columbia, Canada.

Photographer: James MacDonald/Bloomberg

Canada and other commodity powerhouses can help replace key exports as Western sanctions over the invasion of Ukraine isolate Russia’s economy and reduce global supplies of everything from gas to lumber, according to National Bank of Canada economists.

“If, as seems increasingly likely, more nations look askance at Russia longer term, preferring more secure, sustainable, predictable trading partners, there’s a clear opportunity for resource-rich nations like Canada to step into Russia’s shoes,” Warren Lovely and Alpa Atha wrote in a Monday note.