CANADIAN BANKS BANNED FROM ENGAGING WITH RUSSIA'S CENTRAL BANK

Feb 28, 2022

By Gavin Day

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Canada is once again ratcheting up the financial stakes on Russia’s invasion of Ukraine.

Prime Minister Justin Trudeau has announced that all Canadian financial institutions are now banned from engaging with Russia’s central bank.

Trudeau says the move is in co-ordination with other G-7 partners as they try to hurt the finances of Russia’s elite.

Over the weekend, Canada barred Russian planes from using Canada’s airspace.

The sanctions are already taking a toll on Russia’s finances. Inflation is expected to surge and the value of the Russian ruble is plummeting. Lineups have been seen outside Russian banks as people move to withdraw their money.

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