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Canada 'blocks & Freezes' Over $310mn In Russian Assets As Moscow-Kyiv War Enters Day 107

On Thursday, released a statement claiming it has blocked over $310 million in Russian assets since the war began on February 24. Read on

Canada

IMAGE: AP


As the all-out Russian onslaught on Ukraine entered day 107, the western nations have continued to impose a barrage of sanctions on Moscow to prevent Russia's further invasion. On Thursday, Ottawa released a statement saying it has blocked over $310 million in Russian assets since the war began on February 24. Canada has effectively stalled $123 million until June 7, the Royal Canadian Mounted Police (RMCP) said in its statement. In addition, the Canadian Foreign Ministry froze transactions worth $289 million. This comes after Ottawa, in April, said it would reform its sanctions law to allow using seized funds as reparations for war victims and to help rebuild Ukraine, CBS News reported.

Canada imposes sweeping sanctions on Russia

On June 8, Canadian Foreign Affairs Minister Melanie Joly announced fresh sanctions under the country's Special Economic Measures (Russia) Regulations in response to Russian President Vladimir Putin's ongoing "egregious and unjustified" invasion of Ukraine. In the new package of penalties, Ottawa imposed a ban on the export of 28 services vital for the operation of the oil, gas and chemical industries, including technical management,  accounting, and advertising services. The ban on exploitation of oil gas and chemical services targets industry and accounts for over 50% of Russia's Federal budget revenues, Joly said, as quoted in the press release. "The Russian invasion of Ukraine has now lasted over 100 days. During this time, Putin and his regime have caused untold pain and suffering in Ukraine and across the world. We will continue to relentlessly pursue accountability for Putin's senseless war," she added.

In May, Canada introduced measures on 22 individuals and 4 entities. Individuals and entities listed were senior officials of Russian Financial institutions, members of the Russian State Duma, and their family members, as well as key financial institutions and banks. Further, Canada has also prohibited the export and import of particular Russian goods and denied Moscow access to goods and technologies that could benefit the war in Ukraine. Since February 24, Canada has slapped over 1,070 individuals linked with the Kremlin, and Belarus.

Meanwhile, the European Union is set to draft tentative plans for the reconstruction of the strategic port city of Mariupol in Ukraine. "We must do so and we will do it because it is our moral obligation," Ursula von der Leyen said, as quoted by Ukrinform. For long, Mariupol remained a focal point of Russian attacks due to its geographical location. Mariupol provides a land link to the Russian-occupied territory of Crimea from Donbass, where Russia is setting the momentum for its "second phase" of the invasion. 

(Image: AP)

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