Prime Minister Justin Trudeau unveiled Canada’s “first round” of economic sanctions against Russia for its recognition of independence of two non-government controlled Eastern Ukraine regions.
Trudeau said the government is banning Canadians from all financial dealings with the “so-called independent states” of Donetsk and Luhansk and will sanction members of the Russian parliament.
Canada will also send 460 troops to Latvia as part of Operation REASSURANCE.
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Foreign Affairs Ministxjmtzywer Melanie Joly says Canada strongly condemns Russia’s recognition of independence of two non-government controlled Eastern Ukraine regions and will impose economic sanctions for the move.
In a statement published on Twitter, Joly says in declaring Donetsk and Luhansk as independent territories, Russia has violated the Minsk agreements, the UN Charter, and has imposed a “serious threat” to the security and stability of the region.
“Canada with its partners and allies will react firmly to this blatant disregard for international law. We are preparing to impose economic sanctions for these actions, separate from those prepared to respond to any further military invasion of Ukraine by Russia,” she said.
Russian President Vladimir Putin has ordered “peacekeeping” troops into the rebel-held areas after pronouncing their independence, a move some world leaders are recognizing as the first wave of a full-scale invasion into Ukraine.
Military tanks and equipment have already started to move in as countries prepare to impose sanctions.
On Tuesday morning, British Prime Minister Boris Johson announced sanctions on five Russian banks as well as three wealthy individuals with close ties to Putin.
Meanwhile Germany said it would freeze the certification of the Nord Stream 2 Baltic Sea gas pipeline project that was designed to double the flow of Russian gas direct to Germany.
U.S. President Joe Biden addressed reporters Tuesday afternoon about the White House’s response to the latest incursion.
“[Putin] is setting up a rationale to take more territory by force, in my view…who in the Lord’s name does Putin think gives him the right to declare new so-called countries on territory that belongs to his neighbour?” he said.
U.S. sanctions will target two financial institutions, VEB – Russia’s state development corporation – and its military bank, as well as Russian sovereign debt.
“That means we’ve cut of Russia’s government from Western financing. It can no longer raise money from the West and cannot trade its new debt on our markets or European markets either,” he said.
Sanctions against Russia’s “elites and their family members” will be announced Wednesday.
Prime Minister Justin Trudeau also tweeted on Monday evening that Canada will follow suit with sanctions but didn’t provide detail as to what that would look like.
Canada has imposed more than 440 sanctions related to Russia’s annexation of Crimea.
For weeks the world has braced for an imminent Russian attack in Ukraine as Putin gradually amassed approximately 150,000 soldiers along various sections of the border.
The Canadian government has been steadfast in its support for Ukraine, committing to send lethal and non-lethal weaponry, as well as loans to mitigate financial unsteadiness amid the tensions.
It has also advised all Canadians living in Ukraine to return to Canada.
Conservative national defence critic Kerry-Lynne Findlay and foreign affairs critic Michael Chong issued a press release Tuesday stating the party supports “tough” new economic sanctions against Russian officials.
“These sanctions must be severe and proportional to reflect the seriousness of the threats Russia’s acts have to peace, freedom, and democracy in Europe. The government must also take steps, in concert with our allies, to freeze any and all assets in Canada that are controlled by Putin and his inner circle,” it reads.
See below my statement on the situation in Ukraine. pic.twitter.com/BapRl85PtH
— Mélanie Joly (@melaniejoly) February 21, 2022
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Canadian Prime Minister Justin Trudeau speaks during a news conference, Monday, February 21, 2022 in Ottawa. THE CANADIAN PRESS/Adrian Wyld
