Canada Joins Allies Targeting Russian Banks, Pipeline Project Over Growing Ukraine Crisis - CBC News

2/22/22, 8:31 PM Canada joins allies targeting Russian banks, pipeline project over growing Ukraine crisis | CBC
line project over growing Ukraine crisis | CBC News
Search Sign In
World
Canada joins allies targeting Russian banks,

pipeline project over growing Ukraine crisis
Prime minister also sending additional Canadian troops to eastern Europe
The Associated Press · Posted: Feb 22, 2022 3:46 AM ET | Last Updated: 2 hours ago
https://www.cbc.ca/news/world/russas-ukraine-sanctions-1.6359864 1/18
2/22/22, 8:31 PM Canada joins allies targeting Russian banks, pipeline project over growing Ukraine crisis | CBC News
Pro-Russia activists react in the separatist-controlled city of Donetsk, Ukraine, on Monday after Russian President
Vladimir Putin signed a decree recognizing Donetsk and Luhansk, two Russia-backed breakaway regions in Eastern
Ukraine, as independent entities. (Alexander Ermochenko/Reuters)
Prime Minister Justin Trudeau joined the U.S., U.K., and Germany Tuesday,
announcing new and tougher sanctions against Russia, one day after President
Vladimir Putin formally recognized two breakaway regions in Eastern Ukraine,
escalating a security crisis on the European continent.
Trudeau also announced he is sending hundreds more troops to eastern

Europe.
The prime minister said up to 460 additional Canadian Armed Forces members
are being sent to Latvia and the surrounding region to bolster NATO in the face
of Russian aggression.
He also said Canada is taking a number of steps alongside its allies to isolate

Russia financially.
WATCH | Trudeau details Canada's response to Russian actions:
Trudeau announces financial sanctions on Russia in response to escalating

tensions in the region
3 hours ago | 1:39
Prime Minister Justin Trudeau announced sanctions on Russian banks and said he'll deploy more troops to the
region as Russia continues to pressure Ukraine. 1:39
'Flagrant violation'
Trudeau's announcement came after U.S. President Joe Biden announced a first
wave of new and tougher U.S. sanctions against Russia Tuesday, following
measures imposed by Britain and Germany.
"This is a flagrant violation of international law and demands a firm response

from the international community," he said at the White House Tuesday
afternoon.
The sanctions, among others things, target Russian banks and sovereign debt.
"That means we've cut off Russia's government from western financing," he said.
"It can no longer raise money from the West and cannot trade in its new debt on
our markets or European markets either."
WATCH | Biden details his administration's first wave of sanctions against

Moscow:
Biden announces sanctions against Russia
6 hours ago | 2:45
Saying the U.S. is working in conjunction with countries around the world, President Joe Biden announced the
first 'tranche' of sanctions against Russia. Biden says Russia has 'undeniably moved against Ukraine' after
President Vladimir Putin declared areas in Eastern Ukraine to be independent states. 2:45
Sanctions are being applied to VEB bank and Russia's military bank,
Promsvyazbank, which does defence deals, Biden said. Starting on Wednesday
U.S. sanctions will begin against Russian elites and their family members.
Tass news agency cited Promsvyazbank as saying the sanctions would not have
a significant effect since it had taken precautionary measures ahead of time. It
did not give details.
Putin did not watch Biden's speech and Russia will first look at what the United
States has outlined before responding, according to Kremlin spokesperson
Dmitry Peskov, cited by Russian news agencies.
People from the separatist-controlled part of Donetsk region, leave a train on Tuesday to be taken to
temporary residences at the railway station in Nizhny Novgorod, Russia. (Roman Yarovitcyn/The Associated
Press)
Biden said he was also moving additional U.S. troops to the Baltic states on
NATO's eastern flank bordering Russia. The prime minister of Estonia and
presidents of Latvia and Lithuania on Friday had made a direct plea to U.S. Vice-
President Kamala Harris for the U.S. to step up its presence in the Baltics.
How Russia's pipeline politics could split the alliance around Ukraine
Earlier, Prime Minister Boris Johnson said the U.K. government would begin
imposing fresh sanctions on Russian banks and individuals following Putin's
decision to recognize the separatist regions as independent.
German Chancellor Olaf Scholz has suspended the certification process for the
Nord Stream 2 natural gas pipeline in response to the Russian president's
decree, which the West fears signals that a full-scale invasion of Ukraine is next.
The undersea pipeline directly links Russian gas to Europe via Germany and is
complete but not yet operating. It has become a major target as Western
governments try to exert leverage on Russia to deter further military moves
against its neighbour.
France has also agreed to respond with sanctions.
U.K. sanctions target banks, individuals

Johnson told the U.K. Parliament that Russia's actions amounted to "a renewed
invasion" of Ukraine and said Putin was "establishing the pretext for a full-scale
offensive."
In his speech, he announced sanctions against five Russian banks — Rossiya, IS

Bank, General Bank, Promsvyazbank and the Black Sea Bank — as well as
sanctions against three wealthy Russian businessmen, Gennady Timchenko,
Boris Rotenberg and Igor Rotenberg, freezing their assets and banning them
from travelling to or trading in the U.K.
Johnson called the fresh sanctions the "first barrage of what we are prepared to
do" and said more sanctions were being prepared by Britain, the European
Union and the U.S. if the situation escalates further.
WATCH | How effective are sanctions?
How effective will sanctions be against Russia?
5 hours ago | 2:02
Elizabeth Shackelford, a former U.S. State Department official, says 'the devil's in the details,' but says and that
it is crucial that countries, including Canada, work together and co-ordinate their response to Russia's actions.
2:02

China called for all parties to exercise restraint, while Japan said it was ready to
join international sanctions on Moscow in the event of a full-scale invasion.
The Russian UN ambassador, Vassily Nebenzia, warned Western powers to

"think twice" and not worsen the situation.
WATCH | Ukraine border city prepares for worst:
Ukrainian border city fears history is repeating with Russia
22 hours ago | 5:26
Many residents of Kharkiv, Ukraine, near the Russian border, are still living with the effects of the war in the
Donbas region as they manage fears of a new invasion. 5:26
Meanwhile, a top European Union official said Russia's recognition of the

Ukrainian separatist regions of Luhansk and Donetsk as independent states and
its decision to send troops into the territories is an "act of war."
Didier Reynders, the European commissioner for justice, said Tuesday the 27-
nation bloc is ready to implement sanctions against Russia.
Speaking to Belgian broadcaster RTBF, Reynders said a unanimous accord from

EU member countries is needed for new sanctions to be imposed.
He said the anticipated measures would evolve gradually, depending on Russian

actions. The first types would be travel bans against individuals and sanctions
against economic entities via the seizing of assets in Europe and abroad.
Russia has recognized 2 breakaway regions of Ukraine. Here's why that

matters
Putin orders forces to 'maintain peace' in Eastern Ukraine after

recognizing separatist regions
In addition, Reynders said "it will be necessary to ensure that there are no more
imports of goods or services from Russia, such as energy, and that Russia's
global access to financial services is terminated."
"Everything is on the table," he said, adding member states were discussing how
gradual the moves would be and the possibility for diplomacy to ease the
conflict.
Russia denies it plans to attack Ukraine

A Reuters witness saw tanks and other military hardware moving through the
city of Donetsk on Monday hours after Putin signed a decree formally
recognized the breakaway regions and ordered the deployment of Russian
forces to "keep the peace." No insignia were visible on the vehicles.
Russia denies any plan to attack its neighbour, but it has amassed troops
on Ukraine's borders and threatened "military-technical" action unless it receives
sweeping security guarantees, including a promise that Ukraine will never join
NATO.
A senior U.S. official said the deployment of Russian troops to the breakaway
enclaves did not merit the harshest sanctions the United States and its allies had
prepared in the event of a full-scale invasion, as Russia already had troops there.
Russia-backed separatists in Ukraine's Donetsk and Luhansk regions —

collectively known as the Donbas — broke away from Ukrainian government
control in 2014 and proclaimed themselves independent "people's republics."
Russia needed to ratify its friendship treaties with the two breakaway regions
before it could discuss matters like the exact borders of the territories, RIA news
agency reported, citing the foreign ministry.
Treaties pave the way for military bases

Russia's parliament ratified those treaties on Tuesday, a step that could pave the
way for Moscow to build military bases in the regions, adopt a joint defence
posture and tighten economic integration.
An explanatory note attached to the documents says they create a "legal basis"

for the arrival of Russian military units that are needed for "peacekeeping"
activities.
Ukrainian President Volodymyr Zelensky, who received a call from Biden to

express solidarity on Monday, accused Russia of wrecking peace talks and ruled
out territorial concessions.
WATCH | Putin orders troops into 2 breakaway regions in Eastern Ukraine:
Putin stokes tensions with Ukraine, orders peacekeepers into separatist

regions
22 hours ago | 5:47
Russian President Vladimir Putin pushed tensions with Ukraine to a new level by recognizing two separatist
regions and sending "peacekeepers" in. Residents on both sides of the border are preparing for the conflict to
escalate. 5:47
Rising fears of a major war in Europe pushed oil prices to a seven-year high on
Tuesday, while safe-havens currencies like the yen rallied and global stocks
tumbled. The ruble extended its losses as Putin spoke, at one point sliding
beyond 80 per dollar (US).
In a lengthy televised address on Monday packed with grievances against the

West, a visibly angry Putin said that "was entirely created by Russia or, to be
more precise, by Bolshevik, Communist Russia."
"This process started practically right after the 1917 revolution, and Lenin

and his associates did it in a way that was extremely harsh on Russia –
by separating, severing what is historically Russian land."
Putin delved into history as far back as the Ottoman empire and expressed
frustration that Russia's demands for a rewriting of Europe's security
arrangements had been repeatedly rebuffed.
A tank drives along a street in the separatist-controlled city of Donetsk on Tuesday after the Russian president
ordered the deployment of Russian troops to two breakaway regions in Eastern Ukraine following the
recognition of their independence. (Alexander Ermochenko/Reuters)
"I deem it necessary to make a decision that should have been made a long time
ago — to immediately recognize the independence and sovereignty of the
Donetsk People's Republic and the Luhansk People's Republic," Putin said.
Putin has for years worked to restore Russia's influence over nations that
emerged after the collapse of the Soviet Union, with Ukraine holding an
important place in his ambitions. Russia annexed Crimea from Ukraine in 2014.
A French presidential official said the speech "mixed various considerations of a

rigid and paranoid nature."
With files from The Canadian Press, Reuters and CBC News
Popular Now in News

1 Convoy leader Pat King to hear bail decision Friday as woman puts up $50K in support
1061 reading now
2 These wilderness seekers plan to live in 'medieval villages' in Ontario's north despite opposition
878 reading now
3 Frito-Lay stops shipping chips to Loblaws stores in pricing dispute

802 reading now
4 Trudeau announces sanctions on Russia as Moscow ramps up pressure on Ukraine
738 reading now
5 Most bank accounts frozen under the Emergencies Act are being released, committee hears
536 reading now
RECOMMENDED FOR YOU ?
Ottawa convoy protest Convoy leader Pat King to hear Ontario to scrap vehicle How a council meltdown let
organizer Tamara Lich denied bail decision Friday as woman licence renewal fees, down a city in crisis
bail puts up $50K in support requirement for stickers
Joanne Chianello
News - Canada - Ottawa News - Canada - Ottawa News - Canada - Toronto News - Canada - Ottawa
Frito-Lay stops shipping chips to Loblaws stores in pricing dispute
Brett Bundale
News - Business
©2022 CBC/Radio-Canada. All rights reserved.
Visitez Radio-Canada.ca

Canada Joins Allies Targeting Russian Banks, Pipeline Project Over Growing Ukraine Crisis - CBC News

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Canada Joins Allies Targeting Russian Banks, Pipeline Project Over Growing Ukraine Crisis - CBC News

Uploaded by

Copyright:

Available Formats

2/22/22, 8:31 PM Canada joins allies targeting Russian banks, pipeline project over growing Ukraine crisis | CBC

line project over growing Ukraine crisis | CBC News

Canada joins allies targeting Russian banks,

Prime minister also sending additional Canadian troops to eastern Europe

Trudeau also announced he is sending hundreds more troops to eastern

He also said Canada is taking a number of steps alongside its allies to isolate

WATCH | Trudeau details Canada's response to Russian actions:

Trudeau announces financial sanctions on Russia in response to escalating

3 hours ago | 1:39

"This is a flagrant violation of international law and demands a firm response

WATCH | Biden details his administration's first wave of sanctions against

Biden announces sanctions against Russia

6 hours ago | 2:45

France has also agreed to respond with sanctions.

U.K. sanctions target banks, individuals

In his speech, he announced sanctions against five Russian banks — Rossiya, IS

WATCH | How effective are sanctions?

How effective will sanctions be against Russia?

5 hours ago | 2:02

The Russian UN ambassador, Vassily Nebenzia, warned Western powers to

WATCH | Ukraine border city prepares for worst:

Ukrainian border city fears history is repeating with Russia

22 hours ago | 5:26

Meanwhile, a top European Union official said Russia's recognition of the

Speaking to Belgian broadcaster RTBF, Reynders said a unanimous accord from

He said the anticipated measures would evolve gradually, depending on Russian

Russia has recognized 2 breakaway regions of Ukraine. Here's why that

Putin orders forces to 'maintain peace' in Eastern Ukraine after

Russia denies it plans to attack Ukraine

Russia-backed separatists in Ukraine's Donetsk and Luhansk regions —

Treaties pave the way for military bases

An explanatory note attached to the documents says they create a "legal basis"

Ukrainian President Volodymyr Zelensky, who received a call from Biden to

WATCH | Putin orders troops into 2 breakaway regions in Eastern Ukraine:

Putin stokes tensions with Ukraine, orders peacekeepers into separatist

22 hours ago | 5:47

In a lengthy televised address on Monday packed with grievances against the

"This process started practically right after the 1917 revolution, and Lenin

A French presidential official said the speech "mixed various considerations of a

Popular Now in News

3 Frito-Lay stops shipping chips to Loblaws stores in pricing dispute

4 Trudeau announces sanctions on Russia as Moscow ramps up pressure on Ukraine

738 reading now

RECOMMENDED FOR YOU ?

Frito-Lay stops shipping chips to Loblaws stores in pricing dispute

©2022 CBC/Radio-Canada. All rights reserved.

You might also like