Statement by the Deputy Prime Minister and Minister of Finance on the Extraordinary Revenue Acceleration Loan Mechanism and Russian Sovereign Assets
Ottawa, Ontario – The Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, today made the following statement:
“Canada continues to stand with Ukraine in its fight against Russia’s illegal and unjustifiable invasion. Today, I am announcing two measures to further support Ukraine:
First, Canada is creating an Extraordinary Revenue Acceleration Loan Mechanism. This mechanism will provide a loan of up to $500 million to the Government of Ukraine, to be repaid when Ukraine has recovered and its economy has stabilized. This loan will help Ukraine meet its urgent liquidity needs and continue providing essential services to its people.
Second, Canada is implementing a new sanctions regulation to freeze and seize Russian sovereign assets, including real estate, in Canada. These assets will be used to compensate victims of Russia’s illegal and unjustifiable invasion and support Ukraine’s reconstruction.
These measures are part of Canada’s ongoing commitment to support Ukraine and hold Russia accountable for its aggression. We will continue to work with our international partners to impose the strongest possible economic sanctions on Russia and provide the support that Ukraine needs to defend itself and rebuild.”
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