Canada following in the footsteps of the United StatesAS) beat up Russia with an economic blockade.
Just like the US, Canadian Prime Minister Justin Trudeau called the 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 support for the independence of Donetsk and Luhansk.
Citing Reuters, Trudeau said he would ban his citizens from conducting financial transactions with people from Donetsk and Luhansk who declared separation from Ukraine. Canada also prohibits its citizens from buying Russia’s sovereign debt.
Canada will also impose economic sanctions on Russian lawmakers who support its country’s aggression against Ukraine.
The sanctions were also added to the blockade of two Russian banks that could provide financial support for the country.
Previously, the US froze the assets of two Russian banks, namely Vnesheconombank (VEB) and state bank Promsvyazbank (PSB). Likewise, other Russian supporting financial institutions, cannot be separated from these sanctions.
The US Treasury Department said the two Russian banks have assets of about billions of US dollars.
Sanctions will also be imposed on a number of Russian elites by freezing their assets in the US. They will be barred from using the US banking system.
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