Trudeau announced that Canada will sanction members of the Russian parliament who voted to recognize two breakaway territories in eastern Ukraine. “This is a further invasion of a sovereign state,” Trudeau said. “And it is completely unacceptable.”
Canadians will also be banned from financial dealings with the so-called Luhansk and Donetsk People’s Republics, he added.
Latest News: Russia-Ukraine conflict
Trudeau called the sanctions, which include actions against the Russian financial system, a stand against authoritarianism. Joly said Canada is ready to make “a significant announcement” related to Canadian exports to Russia.
“Just as Russia has prepared for this day, so have we,” Joly said. “Canada and its partners have been clear — the actions of the Russian regime will be met with severe consequences.”
Trudeau announced that Canadians will be banned from purchasing Russian sovereign debt. “We will apply additional sanctions onto state-backed Russian banks and prevent any financial dealings with them,” he added.
Joly said the actions — “just the beginning” — will make it illegal for Canadians to fund Russia, directly or indirectly. “We are prepared to target even more of Russia’s financial sector and oligarchs.”
The economic costs will be severe, Deputy Prime Minister Chrystia Freeland warned.
“Our quarrel is not with the Russian people,” she said. “It is with President Vladimir Putin and those around him who are making the choice to threaten a sovereign democracy with subjugation.”
