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 and the ordering of troops there.
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 who voted in favour of declaring the regions as independent.
The government has also approved a deployment of up to 460 Canadian Armed Forces troops to Latvia as part of Operation REASSURANCE to “reinforce”
Canada’s commitment to NATO.
“This recognition is a violation of Russia’s obligation under international law and the Charter of the United Nations. Canada also denounces Russian military actions, including orders to move into Ukraine which is a clear incursion of Ukraine’s sovereignty and territorial integrity,” Trudeau said.
“Make no mistake, this is a further invasion of a sovereign state and it is completely unacceptable.”
On Monday, Russian President Vladimir Putin signed decrees ordering troops into the newly recognized regions under the premise of “peacekeeping”.
Russian lawmakers and members of the Federation Council also gave Putin permission to use military force outside of the country in a unanimous vote Tuesday, formalizing a military deployment.
These moves have prompted world leaders to announce a swath of sanctions against Russia.
British Prime Minister Boris Johnson 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 said the White House 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.
The Canadian government will also ban Canadians from purchasing Russian sovereign debt and will impose sanctions on two state-backed Russian banks.
These measures will remain in place until the “territorial integrity” of Ukraine is restored, the prime minister said.
