In a bid to help Ukraine fight off the Russian invasion, Canada recently announced an additional $250 million loan for the war-torn nation. According to a Department of Finance Canada press release, Deputy Prime Minister and Minister of Finance Chrystia Freeland said the additional loan for Ukraine through the International Monetary Fund’s “Administered Account for Ukraine” . This announcement came on May 20, during the meeting of G7 finance ministers and central bank governors in Germany.
With the current loan and previous financial support, Canada’s financial contribution to Ukraine this year reached $1.87 billion. This is in addition to the major support provided to Ukraine through military assistance, humanitarian aid initiatives and immigration measures.
Additionally, Canadian Prime Minister Justin Trudeau underscored the importance of the $250 million loan. Taking to Twitter, the prime minister wrote: “To ensure they have the resources they need and to help stabilize Ukraine’s economy, we have announced additional financial support for Ukraine.”
To ensure they have the resources they need and to help stabilize the Ukrainian economy, we announced additional financial support for Ukraine. This is in addition to the military assistance and humanitarian aid we provide. https://t.co/ukQryi13TD
— Justin Trudeau (@JustinTrudeau) May 20, 2022
“This new loan is an important contribution to this critical effort”
Additionally, Deputy Prime Minister Freeland said, “Canada and our G7 allies are united in our resolve to uphold the rules-based international order and stand with the brave people of Ukraine. We will continue to work to hold Putin and his cronies accountable for their illegal war and to ensure that Ukraine has the resources it needs to win. This new loan is an important contribution to this critical effort,” according to the press release.
Canada has always played a key role in establishing the IMF’s “Multi-Donor Administered Account” for Ukraine, which helps Ukraine meet its balance of payments and fiscal requirements while stabilizing the economy. Canada will continue to assist Ukraine in its fight to maintain its sovereignty and democracy, alongside its G7 allies, the statement said.
Canada’s recent sanctions against Russia
The Canadian government has decided to impose more embargoes on Moscow in a bid to put additional pressure on Russian President Vladimir Putin. According to CTV reports, Canada’s Foreign Minister Melanie Joly announced new sanctions against Putin’s government on Friday, including a restriction on the import of Russian vodka, caviar and diamonds.
Apart from this, cigarettes, alcoholic beverages, designer items, workout shoes as well as sportswear are also banned from entering Russia. The sanctions package also prohibits Canada from exporting jewelry, artwork and even kitchen utensils to Russia. In addition, Joly penalizes 14 other people, including Russian oligarchs with ties to the Russian Federation. According to a statement from the Canadian Foreign Ministry, the new sanctions also target members of the oligarch’s family.
In response to Russia’s continued invasion, Canada has blacklisted more than 1,000 individuals and businesses, and the Russian Elites, Proxies and Oligarchs Task Force (REPO) is working with international allies to target the ill-gotten wealth of Russian elites around the world.