As the Russian-Ukrainian war entered its 50th day, war-torn Ukraine’s finance ministry announced the signing of a $398 million loan agreement with Canada. Taking to Twitter, the ministry revealed: “Ukrainian Finance Minister Serhiy Marchenko has signed a loan agreement with the Canadian government to provide Ukraine with a loan of 500 million Canadian dollars ($398 million ) on favorable terms”. The ministry further underlined the fact that the term of the loan will be ten years.

Canada has been helping the beleaguered nation since the Russian invasion of Ukraine began on February 24. Recently, the Canadian government pledged over $400 million in military aid to Ukraine. The latest advances came when the Ministry of Finance proposed significant funds for Ukraine in the federal budget, which was released on April 7. 23 to provide additional military assistance to Ukraine.”

It came after Canadian Prime Minister Justin Trudeau and Ukrainian President Volodymyr Zelenskyy spoke by phone on March 29, during which Trudeau promised Ukraine would get military aid. During the conversation, the Canadian Prime Minister promised Zelenskyy that Russia would face tougher sanctions for its illegal actions against Kyiv.

Canada sanctions Russia for its military operation

After the launch of the Russian military operation against Ukraine, the West denounced Russia for its unprovocative and unjustified aggression and imposed severe sanctions on Moscow. Canadian Prime Minister Trudeau had sanctioned 15 other Russian officials following Russian activities in Ukraine. On Twitter, Prime Minister Justin Trudeau said that to keep Russian President Vladimir Putin and his cronies accountable, Canada had imposed tough sanctions on other Russian officials involved in the Russian-Ukrainian conflict, including government and military authorities. .

On top of that, Canada, along with other European countries, have declared that Russian jets are not allowed to fly in their airspace. All Canadian financial institutions are banned from doing business with the Russian Central Bank, according to the Prime Minister of Canada. The import of Russian crude oil is also prohibited in Canada.

(Picture: AP)

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