Canada targets Russian elites, major banks in new sanctions amid Ukraine invasion

Canada is targeting members of the Russian elite and major banks in a series of new sanction after Moscow ordered a military invasion of Ukraine on Thursday.

Prime Minister Justin Trudeau announced the sanctions – which are in addition to the penalties introduced on Tuesday – in Ottawa hours after the invasion began.

Trudeau said Ottawa is targeting 58 individuals and entities, including members of the Russian elite and their family members, as well as the paramilitary organization known as the Wagner Group, and major Russian banks.

Furthermore, Canada is also sanctioning members of the Russian Security Council, including the defence minister, the finance minister and the justice minister. Details of the penalties imposed on the officials were not immediately available.

Finally, Ottawa is ceasing all export permits for Russia and cancelling existing permits.

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“President Putin has launched a horrific, unprovoked attack on [Ukraine] a sovereign nation, including missile strikes in their capital, Kyiv,” Trudeau said.

“He has needlessly put the lives of innocent people at risk, violated Russia’s international treaties, and launched the greatest threat to European stability since” the Second World War.

On Tuesday, Trudeau introduced the first round of economic sanctions against Russia, banning Canadians from all financial dealings with the breakaway Ukrainian regions President Vladimir Putin recognized on Monday: Donetsk and Luhansk.

Those sanctions also targeted members of the Russian parliament who voted for the decision to recognize the separatist regions, as well as banned Canadians from engaging in purchases of Russian sovereign debt.

More to come.