Canada announces financial sanctions against Russia

23 February 2022, 05:05 PM

Canada is imposing financial sanctions on Russia, following its recognition of Moscow-controlled statelets in Ukraine’s Donbas as independent “republics,” Canadian news outlet CBC reported on Feb. 22.

Prime Minister Justin Trudeau said that the sanctions will ban any Canadian nationals from having financial dealings with Moscow’s puppet “republics” in eastern Ukraine.

Additionally, Canadians will also be barred from making any transactions related to the Russian sovereign debt and from dealing with two major Russian state-owned banks. Ottawa will also sanction Russian MPs that voted to recognize the sham “republics.”

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According to Trudeau, the sanctions “will remain in place, until Ukraine’s territorial integrity is restored.”

"Make no mistake — this is a further invasion of a sovereign state and it is absolutely unacceptable," Trudeau said.

"Russia's brazen provocations are a threat to security and peace in the world."

Earlier, the EU agreed to sanction the 351 Russian MPs that voted in favor of Moscow recognizing the pseudo-“republics” in Ukraine’s Donbas.

Russian President Vladimir Putin, on Feb. 21, announced Russia’s recognition of the non-government-controlled areas of Ukrainian Donbas as independent “republics,” and immediately ordered Russian troops into Ukrainian territory.

According to Ukrainian President Volodymyr Zelensky, this move signifies Moscow “unilaterally abandoning” the peace process as outlined by the Minsk Agreement of 2014. In response, the Ukrainian Foreign Ministry has proposed severing diplomatic ties with Russia.

The UK on Feb. 22 imposed sanctions on five major Russian banks, along with Russian oligarchs Gennady Timchenko, Boris Roternberg, and Igor Rotenberg.

Earlier on the same day, German Chancellor Olaf Scholz stated that he was halting the certification process for the Nord Stream-2 pipeline, rendering it unable to begin operations.

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