July 06
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Canada has unveiled a new round of sanctions against Russia over its invasion of Ukraine, as well as a new $250 million loan to help the Ukrainian government continue to function, the CBC reported.

Canadian Finance Minister Chrystia Freeland said Friday after meeting with G7 finance ministers in Bonn that the additional funding brings Canada's financial commitment to Ukraine to $1.87 billion in 2022.

Freeland said that the G7 countries strongly support Ukraine and have shown interest in the legislation currently before parliament that would allow Canada to go beyond the freezing of Russian assets.

The Canadian Finance Minister also said the legislation in the budget execution bill currently going through committee would allow Canada to seize Russian assets and use them to help Ukraine.

According to Freeland, since the war began, G7 countries have provided Ukraine with a total of $19.8 billion in direct financial aid.

Today, the federal government also announced a new round of sanctions against 14 Russians, including oligarchs, their family members and other associates of Russian President Vladimir Putin.

The new sanctions bring the number of individuals and entities sanctioned since 2014 to 1,450. More than 1,000 of these individuals and entities have been sanctioned this year.

The federal government also announced a ban on exports of certain luxury goods to Russia and on imports of similar goods from Russia. The banned Russian goods include "alcoholic beverages, seafood, fish and non-industrial diamonds," the government said in a statement.

The ban also affects goods such as alcohol, tobacco, textiles, sportswear, luxury clothing, art and jewelry. The Canadian government said the value of trade in these goods with Russia is more than $75 million in 2021.

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