Canada announces additional loan of $250mn for Ukraine as Russian invasion enters day 87

In a bid to help Ukraine to fight Russian invasion, Canada has recently announced an additional loan of $250 million for the war-torn nation. According to a press release from the Department of Finance Canada, the Deputy Prime Minister and Minister of Finance, Chrystia Freeland declared the additional loan for Ukraine through the International Monetary Fund's 'Administered Account for Ukraine'. This announcement came on May 20, during the G7 Finance Ministers and Central Bank Governors Meeting in Germany. 

With the current loan and earlier financial support, Canada's financial contribution to Ukraine this year has reached $1.87 billion. This comes in addition to major support provided to Ukraine through military assistance, humanitarian relief initiatives, and immigration measures. 

Further, Canadian Prime Minister Justin Trudeau highlighted the importance of the $250 million loan. Taking to Twitter, the Prime Minister wrote, “To make sure they have the resources they need, and to help stabilize the Ukrainian economy, we have announced additional financial support for Ukraine.” 

'This new loan is an important contribution to that critical effort'

In addition to this, Deputy Prime Minister Freeland said, “Canada and our G7 allies are united in our resolve to defend the rules-based international order and to support the brave people of Ukraine. We will continue working to hold Putin and his henchmen accountable for their illegal war and to ensure that Ukraine has the resources it needs to win. This new loan is an important contribution to that critical effort,” as per the press release.  

Canada has always been a key player in the establishment of the IMF's ‘Multi-donor Administered Account’ for Ukraine, which helps Ukraine achieve its balance of payments and budgetary demands while also stabilising the economy. Canada would continue to assist Ukraine in its struggle to maintain its sovereignty and democracy, alongside its G7 allies, the release said. 

Canada's recent sanctions on Russia

The Canadian government decided to place more embargoes on Moscow in an effort to put additional pressure on Russian President Vladimir Putin. According to the CTV reports, the Foreign Minister of Canada, Melanie Joly announced further penalties on Putin's government on Friday, including an import restriction on Russian vodka, caviar, and diamonds. 

Apart from these, cigarettes, alcoholic drinks, designer goods, training shoes, as well as sportswear are also prohibited from entering Russia. The sanctions package also prohibits Canada from exporting jewelry, art, and even kitchenware to Russia. In addition, Joly is penalising 14 more people, including Russian oligarchs with links to the Russian Federation. According to a statement made by Canada's Foreign Ministry, the new sanctions are also targeting the oligarch's family members. 

In reaction to Russia's continued invasion, Canada has blacklisted over 1,000 people and businesses, and the Russian Elites, Proxies, and Oligarchs (REPO) Taskforce is working with international allies to target Russia's elites' ill-gotten wealth throughout the world. 

(Image: AP)