Canadian banks now prohibited from dealings with the Russian Central Bank

Prime Minister Justin Trudeau has just announced that Canadian banks and other financial institutions in this country are now prohibited from all transactions with the Russian Central Bank in order to restrict Vladimir Putin’s “war of choice” in Ukraine. Finance Minister Chrystia Freeland calls this is an unprecedented move by Canada and its G7 partners to bring about the “strategic failure” of Russia’s invasion of Ukraine.

“Canada and its allies continue to take concerted action to ensure that Russia’s invasion of Ukraine will be a strategic failure. This has never been done before at this scale — today we are taking a historic step by directly censuring Russia’s central bank.

“Canada is firmly on the side of the heroic resistance of the people of Ukraine and we will continue to take further action to ensure President Putin does not succeed.”

—Chrystia Freeland

Effective immediately, all Canadian financial institutions are prohibited from engaging in transactions with the Russian Central Bank – eliminating its ability to deploy Russia’s international currency reserves and further restricting Putin’s ability to finance his war of choice.

— Justin Trudeau (@JustinTrudeau) February 28, 2022

To read the full statement, please click here.

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