Canada in the footsteps of the United StatesWE) beat up Russia with an economic blockade.
Like the United States, Canadian Prime Minister Justin Trudeau called economic sanctions an early stage amid news of Russia’s invasion of Ukraine.
Previously, Russia sent troops and their tanks to eastern Ukraine. The move came after Russian President Vladimir Putin announced his support for the independence of Donetsk and Luhansk.
Citing Reuters, Trudeau said he would ban his citizens from conducting financial transactions with residents of Donetsk and Luhansk who have declared separation from Ukraine. Canada also prohibits its citizens from buying Russian sovereign debt.
Canada will also impose economic sanctions on Russian lawmakers who support its country’s aggression against Ukraine.
The sanctions also added to the blockade of two Russian banks that could provide financial support to the country.
Earlier, the United States froze the assets of two Russian banks, namely Vnesheconombank (VEB) and state-owned bank Promsvyazbank (PSB). Likewise, other Russian supporting financial institutions cannot be separated from these sanctions.
The US Treasury Department said the two Russian banks held assets of around billions of US dollars.
Sanctions will also be imposed on a number of Russian elites by freezing their assets in the United States. They will be prohibited from using the American banking system.
(team/bac)
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