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Canada ‘freezes and freezes’ over $310m in Russian assets as Moscow-Kyiv war enters 107th day

By on June 10, 2022 0

As the all-out Russian attack on Ukraine entered the 107th day, Western nations continued to impose a barrage of sanctions on Moscow to prevent another Russian invasion. On Thursday, Ottawa released a statement saying it had frozen more than $310 million in Russian assets since the war began on Feb. 24. Canada has effectively blocked $123 million until June 7, the Royal Canadian Mounted Police (RMCP) said in its statement. In addition, the Canadian Department of Foreign Affairs froze transactions worth $289 million. It comes after Ottawa in April said it would reform its sanctions law to allow seized funds to be used as reparations for war victims and to help rebuild Ukraine, CBS News reported. .

Canada imposes sweeping sanctions on Russia

On June 8, Canadian Foreign Minister Mélanie Joly announced new sanctions under the Special Economic Measures (Russia) Regulations in response to the “flagrant and unwarranted” invasion of Ukraine by the Russian President. Vladimir Poutine. In the new sanctions package, Ottawa banned the export of 28 services vital to the operation of the oil, gas and chemical industries, including technical management, accounting and advertising services. The ban on the exploitation of oil, gas and chemical services targets industry and accounts for more than 50% of Russian federal budget revenue, Joly said, quoted in the press release. “The Russian invasion of Ukraine has now been going on for more than 100 days. During this time, Putin and his regime have caused untold pain and suffering in Ukraine and around the world. We will relentlessly continue to seek accountability for the Putin’s senseless war,” she added.

In May, Canada introduced measures on 22 individuals and 4 entities. The individuals and entities on the list 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. Additionally, Canada has also banned the export and import of certain Russian products and has denied Moscow access to products and technologies that could benefit the war in Ukraine. Since February 24, Canada has slapped more than 1,070 people linked to the Kremlin and Belarus.

Meanwhile, the European Union is about to draft tentative plans for the reconstruction of the strategic port city of Mariupol in Ukraine. “We have to do it and we will because it is our moral obligation,” said Ursula von der Leyen, quoted by Ukrinform. For a long time, Mariupol remained a focal point of Russian attacks due to its geographical location. Mariupol provides a land link to Russian-occupied Crimean territory from Donbass, where Russia is providing the impetus for its “second phase” of the invasion.

(Picture: AP)

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