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Canada Appoints Sanctions Chief as Russian Ambassador

Canada is sending the senior official who most recently ran its sanctions and strategic export-control bureaus to Moscow, placing a lawyer with direct experience administering economic restrictions at the head of one of Ottawa’s most constrained diplomatic relationships.

Foreign Affairs Minister Anita Anand announced Thursday that Robert Brookfield will become Canada’s Ambassador Extraordinary and Plenipotentiary to the Russian Federation, replacing Sarah Taylor.

The appointment gives Brookfield a particularly relevant résumé for Moscow. Before the posting, he served as director general of both Global Affairs Canada’s Sanctions Bureau and its Strategic Export Controls Bureau. He also previously worked at Canada’s embassy in Moscow from 2003 to 2005.

You can read more on the matter here.

What’s going on?

• Liberals Let a Required Review of Their Security Law Lapse For Years (theDeepDive)

• Canada’s housing market to ‘remain subdued’ for rest of year: CMHC (CH)

• Quebec Report Says Churchill Falls Deal Reached, Newfoundland Says Nothing Signed (theDeepDive)

• Ford open to lifting Ontario’s ban on U.S. alcohol if fair deal reached (Globe)

• Romania Shuts Last Nuclear Reactor as Danube River Hits Limits (theDeepDive)

• US sells 30-year bonds at highest borrowing costs since 2001 (FT)

• Prosecutors Cite Fake Passports as Tate Brothers Fight for Bail (theDeepDive)

• U.S. Sending Fresh Aircraft Carrier to Middle East Amid Iran War Strain (WSJ)

• Hackers Used Open-Source AI Agents to Breach Taiwan’s Government (theDeepDive)

What’s the latest?

• Energy: Greenland Energy delayed plans to drill the Jameson Land Basin in eastern Greenland, targeting permits for winter 2027, after authorities warned its partner 80 Mile for bringing drilling equipment ashore without the required permit. Shares plunged 44% for Greenland Energy and 20% for 80 Mile, while the project faces major logistical challenges in one of the world’s most remote drilling regions.

• Trade War: The Trump administration estimates US$19–26B in annual lost tariff revenue from goods routed through third countries to evade U.S. duties, with potential transshipment valued between US$34.2B and US$303B annually. The White House says China is a major source, while U.S. Customs is testing AI to detect origin fraud and may apply tariffs retroactively for about a year.

• Markets: Canada’s S&P/TSX rose 97.15 points to 36,759.29, extending its record-setting run, while U.S. markets also gained: S&P 500 +50.49, Nasdaq +214.54, and Dow +69.72. Oil fell US$2.02 to US$81.25/barrel, while gold dropped US$47.10 to US$4,420.40.

• AI: Ontario says data centres will have to cover all their electricity costs and large facilities will pay higher rates than other industrial users, with no financial incentives for new projects. There are now about 7,000 MW of data-centre grid connection requests, more than 25% of Ontario’s ~25,000 MW peak demand, while data centres are projected to account for 13% of new electricity demand by 2035.

• Economics: The U.K. economy grew 0.4% in Q2, following 0.6% in Q1, while business investment unexpectedly rose 1.7% versus forecasts for a 0.5% decline. First-half annualized growth reached about 2%, but higher energy costs from the Iran war could slow growth to as little as 0.3% in 2027 if Strait of Hormuz disruptions persist.

China Is Taking Gold Pricing Away From the West

The stock market and stuff

• Telesat Widens Loss To $559M in Q2 2026 as Lightspeed Spending Jumps $300M (theDeepDive)

• G Mining Ventures Lifts Cost Guidance, Posts $84.8 Million In Q2 Free Cash Flow (theDeepDive)

• Anthropic investors bet on $2tn valuation in record IPO (FT)

• Pan American Silver Posts $305 Million Quarterly Profit as Gold Output Slips (theDeepDive)

• IEA Raises Oil Demand Estimate for a Fourth Straight Year (theDeepDive)

In the juniors

• Canadian Micro-Cap’s SpaceX Bet Now Worth More Than Half Its Market Cap (theDeepDive)

• Orezone Posts Record Revenue in First Full Quarter as a Two Mine Producer (theDeepDive)

• Cabral Gold Secures Operating License at Cuiú Cuiú, First Gold Now Expected In September (theDeepDive)

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