Ottawa, March 1: Deputy Prime Minister and Finance Minister Chrystia Freeland says the Canadian government will be imposing more sanctions on the Russian economy “in the coming days,” intended to choke the country’s ability to fund its war against Ukraine.
Freeland remarked that Russian President Vladimir Putin has become an “international pariah” and that Russia’s actions are not that of a superpower, but of a “failing kleptocracy.”
The minister provided an update on the government’s actions to punish Russia on Tuesday afternoon following a meeting with her G7 colleagues.
Freeland noted that the upcoming sanctions will target institutions and individuals enabling Putin, similar to those already imposed.
Ottawa has imposed penalties on high profile Russian leaders including Putin himself, Foreign Minister Sergey Lavrov, Justice Minister Konstantin Chuychenko, Defence Minister Sergey Shoygum and Putin’s chief of staff Anton Vaino.
The government has also barred all financial institutions from engaging in any transaction with the Russian Central Bank, which Freeland deemed Putin’s “war chest.”
In total, 32 Russian entities and 382 individuals have been sanctioned.
Absent from that list is Russian billionaire and owner of Chelsea football club Roman Abramovich.
He is one of many Russian opposition figure Alexey Navalny has recommended targeting for his alliance with the Kremlin. Abramovich has substantial financial holdings in Canada.
Asked why the government hasn’t yet gone after the oligarch, Freeland said only that all options are being considered.
“We are looking carefully at the holdings of all Russian oligarchs and Russian companies inside Canada, we’re reviewing them and everything is on the table,” she said.
Freeland said the economic sanctions imposed so far are having an impact, referencing the plummeting Russian ruble as proof.
“We have already seen the impact of these measures on the Russian economy, on the ruble. Those sanctions were necessary. This morning, with the G7 finance ministers… we discussed a series of measures that we will implement to maintain pressure on Russia,” she said, speaking in French.
In terms of what other tools Canada has at its disposal to levy at Russia, the finance minister said her Ukrainian counterpart has shared “creative and thoughtful” ideas.
“Russia is not the Soviet Union. Russia is an economy and a society which is deeply integrated into the West and deeply integrated into the global economy. What we are seeing here from Vladimir Putin is an attempt to have his cake and eat it too. He wants to behave like a communist dictator,” Freeland said.
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