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Highlights
- Canada will be sending 460 more troops to Latvia to bolster Nato forces there
- Prime Minister Justin Trudeau called Russia’s actions ‘brazen provocations’
- Canada’s sanctions are not too different from the US’s and those of other Nato countries
As promised, Canada joined its Nato partners Wednesday, February 22, in punishing Russia with sanctions after Moscow sent troops into Ukraine and decided to recognize two separatist regions. Prime Minister Justin Trudeau called Russia’s actions “brazen provocations,” but like his US counterpart, he stressed, that diplomacy is still not off the table.
In addition to the sanctions, Canada will be sending 460 more troops to Latvia to bolster Nato forces there. 540 Canadian troops are already serving in the country.
Earlier, US President Joe Biden hit Russia with sanctions targeting two of the country’s financial institutions including its military bank, Promsvyazbank. Britain, Germany and the European Union have also hit Russia with sanctions. Germany has shelved the certification of the Nord Stream 2 pipeline.
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What sanctions have Canada imposed on Russia?
Canada’s sanctions are not too different from the US’s and those of other Nato countries. First, Canadians are banned from having financial dealings with the newly named separatist regions -- Donetsk and Luhansk.
Purchases of Russian sovereign debt can no longer be bought by Canadians. Members of the Russian parliament who voted in favor of the recognition of the two states will also be targeted by the sanctions. The two banks were also sanctioned by Canada and dealings with them will be ruled out.
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Bottom line
The sanctions by the various countries appear to be a concerted effort to hurt Russia’s coffers. As Mr. Biden pointed out, this effectively cuts off Russia from all Western funding.
It is not allowed to trade its debt purchases in the West either. Certain elite individuals and some within the Russian oligarchy and their families will also likely suffer from the sanctions.
Mr. Trudeau made clear that the sanctions will remain till territorial integrity is restored. It remains to be seen how long Russia are willing to go given the economic ramifications or how they have planned to mitigate it. They certainly had some time to plan mitigating action as Western powers had been warning them for weeks.
