Canada and the United States have talked tough on Ukraine but it’s all politics. Canada has been the most vocal with Prime Minister even comparing Putin’s actions to Hitler ahead of WWII.

Yet in the latest round of sanctions against individuals Canada left out two names singled out by the US — they were the only two with significant economic ties to Canada, the Globe & Mail reports.

Unlike the United States, Canada has not moved against Sergei Chemezov, who heads state-owned industrial and defense conglomerate Rostec, and Igor Sechin, CEO of oil giant Rosneft . Both men, who are close to Putin, have business ties to Canada.

Rosneft owns some 30 percent of a Canadian oil field, while Rostec has an aircraft assembly joint venture lined up with Bombardier Inc.

Canada has a large population of Ukranians and the moves are to win their votes, not to punish Putin.

Not only will a move like this embolden Putin but it will upset Europeans who could suffer real losses. Just now there is talk about a secret German paper that says German companies operating in Russia are suffering huge losses and could be permanently impaired.

As a trader, the takeaway is that there is nothing to fear in the Russia-Ukraine turmoil. Even if Russia launches a full-scale invasion of eastern Ukraine there is no appetite to lose a single business contract in the west. Fade any fear trade.