Canada announces $250 million loan to Ukraine and new round of sanctions against Russia

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Canada unveiled a new round of sanctions targeting Russia following its invasion of Ukraine, as well as a new $250 million loan to help the Ukrainian government continue to function.

Speaking by phone on Friday after meeting with G7 finance ministers in Bonn, Germany, Finance Minister Chrystia Freeland said the additional funding brings Canada’s financial commitment to Ukraine to $1.87 billion. dollars in 2022.

Freeland said the G7 countries are resolute in their continued support for Ukraine and have expressed interest in legislation being considered by Parliament that would allow Canada to move beyond freezing Russian assets.

Freeland said the legislation — contained in the budget implementation act being considered in committee — would allow Canada to confiscate Russian assets and use them to help Ukraine.

“Ukraine’s financial needs are enormous and the reconstruction needs are enormous and it is entirely appropriate for the aggressor to help pay for that reconstruction,” Freeland said. “Canada has an opportunity here to lead by example and show what can be done.”

The finance minister said she had also discussed with G7 finance ministers other avenues that could be taken to quickly confiscate Russian assets “because Ukraine needs it, Ukraine needs it.” ‘money”.

The G7 has collectively given $19.8 billion in direct financial aid to Ukraine since the invasion began, Freeland said.

More Russians sanctioned

The federal government also today announced a new round of sanctions targeting 14 Russians, including oligarchs, their family members and other associates of Russian President Vladimir Putin’s regime.

“These individuals directly enabled Vladimir Putin’s senseless war in Ukraine and bear responsibility for the pain and suffering of the Ukrainian people,” read a statement from Global Affairs Canada.

The new sanctions bring to 1,450 the number of individuals and entities sanctioned since Russia first invaded and annexed Crimea in 2014. More than 1,000 of these individuals and entities were sanctioned after the invasion nationwide at the beginning of this year.

The federal government also announced a ban on the export of certain luxury goods to Russia and the import of similar goods from Russia. Banned Russian products include “alcoholic beverages, seafood, fish and non-industrial diamonds,” according to a government statement.

The ban also covers products like alcohol, tobacco, textiles, sportswear, luxury clothing, art and jewelry. The government said the value of trade in these goods with Russia was over $75 million in 2021.

“Canada, together with our allies, will make strenuous efforts to maintain pressure on the Russian regime until it is no longer able to wage war,” said Foreign Affairs Minister Mélanie Joly. , in a press release.

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