Deputy Prime Minister and Finance Minister Chrystia Freeland says the Canadian government will be imposing more sanctions on the Russian economy 鈥渋n the coming days,鈥� intended to choke off the country鈥檚 ability to further fund its war against Ukraine.
Freeland remarked that Russian President Vladimir Putin has become an 鈥渋nternational pariah鈥� and that Russia鈥檚 actions are not that of a superpower, but of a 鈥渇ailing kleptocracy.鈥�
The minister provided an update on the government鈥檚 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鈥檚 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鈥檚 鈥渨ar chest.鈥�
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鈥檛 yet gone after the oligarch, Freeland said only that all options are being considered.
鈥淲e are looking carefully at the holdings of all Russian oligarchs and Russian companies inside Canada, we鈥檙e reviewing them and everything is on the table,鈥� she said.
Freeland said the economic sanctions imposed so far are having an impact, referencing the plummeting Russian ruble as proof.
鈥淲e 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鈥� we discussed a series of measures that we will implement to maintain pressure on Russia,鈥� 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 鈥渃reative and thoughtful鈥� ideas.
鈥淩ussia 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,鈥� Freeland said.
鈥淵ou don鈥檛 get to do that. If you make war on a rules based international order, we鈥檙e going to cut you out of the global economy.鈥�
In response to what Putin called 鈥渁ggressive statements鈥� by NATO allies, the Russian president put nuclear deterrent forces on high alert on Sunday.
Diplomats are dubbing the move a 鈥�tactic鈥� to persuade the West to 鈥渂ack off.
Freeland did acknowledge the likelihood of 鈥渃ollateral damage鈥� on Canada鈥檚 economy as sanctions continue to be applied.
鈥淎t the end of the day, if we are truly determined to stand with Ukraine, if the stakes in this fight are as high as I believe them to be, we have to be honest with ourselves, I have to be honest with Canadians, that there could be some collateral damage in Canada,鈥� she said.
鈥淥f course that is much, much, much more true for our European partners than it is for us, but it鈥檚 the reality.鈥�
