Financial institutions

Canada prohibits all financial institutions from engaging with the Russian Central Bank

As Russia continues to wreak havoc in Ukraine, Western nations have stood firm in imposing the heaviest sanctions against Moscow. Adding to global efforts to condemn Moscow’s aggressive incursion into Kyiv, Canadian Prime Minister Justin Trudeau on Monday banned all Canadian financial institutions from engaging in transactions with the Russian Central Bank. Canada’s aggressive move is in line with the European Union’s attempt to financially disable Moscow to punish the Kremlin for its unprovoked violence and hegemony.

Canada’s decision to remove Russia’s international currency reserves from its platforms is being described as a move to further restrict President Putin’s ability to fund the ongoing bloodshed in war-torn Ukraine.

“Effective today, 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 the ability to Putin to finance the war of his choice,” Canadian Prime Minister Trudeau tweeted.

Western allies US and Ukraine to cut Moscow off from SWIFT payment network

Meanwhile, US President Joe Biden is expected to hold a secure call with his European allies on Monday to discuss the coordinated response to Russia’s invasion of Ukraine. The United States and its European allies have discussed key financial sanctions against Russia, cutting off its private banks from the SWIFT payments network, the international domain for global financial transactions, which the European Union says will cripple the Russian economy.

Japan followed the United States and other Western nations in imposing more penalties against Russia over the weekend. The restrictions imposed on the Russian central bank aim to prevent it from accessing more than $600 billion in reserves held by the Kremlin. Moscow is bearing a huge economic cost for waging a war in Ukraine, as alongside global condemnation, huge economic sanctions against Putin’s country, business enterprises and oligarchs have been imposed by several world leaders.

As casualties mount daily as Russia continues to destroy Ukraine with artillery, missiles and bombs, kyiv has agreed to ‘talk about the conflict’ with Kremlin leaders in neighboring Belarusian capital Minsk . With diminished hope, Zelenskyy considered the proposal to avenge a further escalation of the war. Russian and Ukrainian delegations are meeting Monday in Belarus, near the Chernobyl exclusion zone.

Russia has upped the ante against the nation vying to take control of kyiv, a terrible battle is unfolding in the Ukrainian capital. Several reports claim that Moscow has managed to capture many villages in the separatist-backed Donbass region and parts of the second-largest city of Kharkiv. The multi-pronged ambush that began on February 24, after Russia recognized the breakaway regions – LPR and DPR as independent nations, had now broken out across the country.

Image: ANI

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