Canada to issue bonds to back Ukraine, slaps new sanctions on Russia

29 October 2022, 02:34 PM
Canadian Prime Minister Justin Trudeau (Photo:REUTERS/Shannon VanRaes)

Canadian Prime Minister Justin Trudeau (Photo:REUTERS/Shannon VanRaes)

Canada will issue five-year securities, dubbed Ukraine Sovereignty Bonds, to support Ukraine  in its fight against Russian aggression, according a statement by Canadian Prime Minister Justin Trudeau on Oct. 28.

Ukrainian Prime Minister Denys Shmyhal, in turn, said that the value of these bonds stands at about CAD 500 million ($366 million).

All funds to be received from the sale of the securities will be funneled to Kyiv through the International Monetary Fund. This initiative is a continuation of financial assistance to Ukraine from the Canadian government in the amount of CAD 2 billion ($1.465 billion) provided in 2022.

Video of day

"Everyone will be able to contribute to our country’s economic and financial stability by buying these securities," Shmyhal said, adding that this step will help Ukraine to finance priority expenditures, such as pension payments or preparations for the winter season.

On top of that, Ottawa also imposed sanctions against another 35 Russian citizens and six organizations from Russia. In particular, the list of sanctions includes Deputy Prime Ministers Alexander Novak and Denis Manturov, Energy Minister Nikolai Shulginov, and Chairman of the Board of Directors of Gazprom, Viktor Zubkov.

Sanctioned companies include:

  • oil company Lukoil
  • insurance company Sogaz
  • transport and logistics group Transoil.

Since the beginning of the Russian full-scale invasion of Ukraine, Canada has applied sanctions on over 1,400 individuals and legal entities from Russia.

Follow us on Twitter, Facebook and Google News

Ukraine Today
Fresh daily newsletter covering the top headlines and developments in Ukraine
Daily at 9am EST
Show more news