Feb 28, 2022
By Gavin Day
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.
Effective immediately, all Canadian financial institutions are prohibited from engaging in transactions with the Russian Central Bank – eliminating its ability to deploy Russia’s international currency reserves and further restricting Putin’s ability to finance his war of choice.
— Justin Trudeau (@JustinTrudeau) February 28, 2022
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.