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Business leaders have been unnerved by the potential fallout as Canada and Russia face their moment of highest tension since the cold war. But Mr. Harper said firms that operate, or have investments in, Russia “have to be aware of the risks.”

“We don’t like seeing any disruption to investment or markets or trade, but looking at it from the point of view of the greater national interest, an occupation of one country of another has serious long-term implications,” Mr. Harper said before a meeting in The Hague with G7 leaders in which they suspended participation in the Group of Eight with Russia.

The move effectively cancels an upcoming summit in Sochi, until Russia changes its course on Ukraine.

Also Monday, Russia issued travel bans on 13 Canadian lawmakers, calling it a response to Canadian travel bans and economic sanctions imposed earlier on a number of Russian officials — “unacceptable action by the Canadian side that has inflicted serious damage to bilateral relations,” the Russian Foreign Ministry said in a statement.

Canadian Foreign Affairs Minister John Baird echoed Liberal MP Irwin Cotler, one of the banned lawmakers, in describing the sanctions as a “badge of honour.”

“Any country who thinks that in the 21st century you can simply rewrite the borders of Europe is wrong, and it’s of deep concern,” Mr. Baird said. “None of the people listed today are threatening the territorial integrity or sovereignty of the Russian Federation. I think it also says we’ve certainly got the attention of those in the Kremlin.”