Canada has taken a significant step to tighten the financial noose around Russia by announcing further sanctions and a new military aid package for Ukraine. During a recent visit by Ukrainian President Volodymyr Zelensky to Canada, Prime Minister Justin Trudeau revealed the new measures, which are aimed at 42 individuals and 21 entities in Russia.
The sanctions target a wide range of sectors and individuals, including those involved in separating Ukrainian children from their families, those engaged in Russian propaganda and disinformation campaigns, and key players in the nuclear sector. Among the entities facing sanctions are the Russian newspaper "Komsomolskaya Pravda," the Moscow State Institute of International Relations (MGIMO), and the charitable foundation "Country for Children."
But Canada's actions go beyond mere sanctions. Trudeau announced the formation of a special team within the G7 group that will focus on seizing Russian assets and transferring them to Ukraine. This move is particularly significant given that the frozen assets of the Russian central bank in G7 countries, the EU, and Australia are estimated to be around USD 300 billion.
The Canadian government is also putting its money where its mouth is by committing to a new military aid package for Ukraine worth CAD 650 million. This aid will be distributed over three years and includes the delivery of 50 armored vehicles, among them medical evacuation vehicles produced in Canada.
During the press conference, Zelensky was asked about the varying levels of support for Ukraine, including the suspension of arms supplies by Poland. The Ukrainian President emphasized the scale of Moscow's spending on disinformation campaigns, stating bluntly, "you either support Ukraine or Russia."
The new tranche of military assistance follows an earlier commitment by Canada of CAD 500 million in military aid. Of this amount, CAD 76 million will be allocated for 35 high-resolution cameras for drones and their servicing, support for training Ukrainian F-16 pilots, and large supplies of small-caliber ammunition. Additionally, CAD 33 million will be set aside for a partnership with the UK in supplying air force defense equipment, and CAD 30 million for a Leopard 2 tank maintenance center in Poland.
Canada's latest actions send a strong message to Russia and its allies. By imposing further sanctions and committing to substantial military aid for Ukraine, Canada is taking a stand against Russian aggression and bolstering Ukraine's defense capabilities. As the conflict continues to escalate, these measures represent another significant blow to Putin's Russia, hitting them where it hurts the most—the pocketbook.
