Latest news with #RussianSanctions
CTV News
9 hours ago
- Business
- CTV News
Canada pledges $4.3B in support for Ukraine as Carney, Zelenskyy meet at G7
Ukrainian President Volodymyr Zelenskyy makes his way to meet Prime Minister Mark Carney at the G7 Summit in Kananaskis, Alta., on Tuesday, June 17, 2025. THE CANADIAN PRESS/Adrian Wyld KANANASKIS -- Prime Minister Mark Carney outlined $4.3 billion in new support for Ukraine's defence as he met with Ukrainian President Volodymyr Zelenskyy on the sidelines of the G7 summit in Alberta on Tuesday. The Prime Minister's Office said that sum includes $2 billion for weapons like drones, ammunition and armoured vehicles -- funding that Canada will count toward its NATO defence spending target. Canada is also lending Ukraine $2.3 billion to help the embattled country rebuild its infrastructure. The Prime Minister's Office said the loan will be repaid by interest charged on Russian assets frozen in Europe. Canada also announced a new sanctions package targeting Russia's shadow fleet and energy revenues. Carney, who is serving as the G7 summit host this year, invited Zelenskyy to the meeting and has said Canada intends to make Ukraine's defence a central part of the discussions. The G7 leaders were scheduled to hold a working breakfast session Tuesday on ending Russia's war on Ukraine. As he met with Zelenskyy Tuesday morning, Carney condemned 'in the strongest terms' the latest round of Russian attacks. 'This underscores the importance of standing in total solidarity with Ukraine, with the Ukrainian people, and we had a discussion last night amongst G7 leaders ... We underscored the importance of using maximum pressure against Russia, who has refused to come to the table,' Carney said. Kyiv was bombarded overnight with 32 missiles and more than 440 drones, Zelenskyy said -- the deadliest attack on the capital this year. Twelve people were killed and more than 130 injured, Zelenskyy said, adding Russia targeted civilian infrastructure, including housing. 'It's a big tragedy for us and we need support from our allies,' he said, thanking Canada for its aid. 'We are ready for the peace negotiations, unconditional ceasefire. I think it's very important, but for this we need pressure.' Carney said Canada's latest round of sanctions targets 'a number of individuals,' as well as 40 entities in Russia and 200 vessels in the so-called shadow fleet that Russia is using to evade sanctions. The G7 continues for its second and final day without U.S. President Donald Trump, who left the talks ahead of schedule on Monday. Trump, who said he left early to deal with the escalating violence in the Middle East, is missing the sessions Carney set aside to focus on foreign policy. Speaking to reporters on Air Force 1 Monday evening as he returned to Washington, Trump was asked whether he talked to anyone at the summit about his previous comments about making Canada a U.S. state. 'I think it's a much better deal for Canada, but you know, it's up to them,' Trump responded. He said if Canada doesn't join the U.S., it will have to pay 'a lot of tariffs and things' and said Ottawa would have to pay $71 billion to be part of the 'Iron Dome' -- an apparent reference to the Golden Dome, a missile defence system Trump has proposed for the U.S. Trump said Ottawa and Washington may make a separate deal on the Golden Dome. Despite Trump's departure, the G7 agenda is busy. Carney began his day with a meeting with NATO Secretary-General Mark Rutte -- their first in-person discussion since the federal government announced it plans to meet the NATO spending target this fiscal year. The Liberals have outlined plans to rapidly scale up defence spending to the equivalent of two per cent of GDP, a target that Canada has agreed to for over a decade but has never actually met. Carney thanked Rutte for his leadership of the alliance, which is set to meet next week in the Netherlands. He said Canada is 'stepping up to meet our commitments and (I) look forward to defining those new responsibilities and capabilities.' Rutte said that with Canada and Portugal promising to boost defence spending, 'the whole of NATO will now be in 2025 at two per cent before the summit starts next week in The Hague.' Indian Prime Minister Narendra Modi is to meet with Carney late Tuesday afternoon after attending various meetings, including a discussion of energy sovereignty with peers from Brazil, South Africa and Mexico. Modi's visit has prompted angry protests from Sikh separatist groups. In 2023 and 2024, former prime minister Justin Trudeau and the RCMP said there was evidence linking agents of the Indian government to the murder of Canadian Sikh separatist activist Hardeep Singh Nijjar in Surrey, B.C., in June 2023. Last October, RCMP Commissioner Mike Duheme said the police force had evidence linking Indian government officials to other crimes in Canada, including extortion, coercion and homicide. By Dylan Robertson With files from Sarah Ritchie in Ottawa This report by The Canadian Press was first published June 17, 2025.
Yahoo
09-04-2025
- Business
- Yahoo
US bill creates fund to enforce oil sanctions on Russia's ghost fleet
WASHINGTON (Reuters) - Legislation from two U.S. senators from both parties introduced on Wednesday establishes a fund to enforce sanctions on the so-called ghost fleet of tankers Russia relies on to carry oil to avoid Western sanctions over its war on Ukraine. The bill from Senators Joni Ernst, a Republican, and Richard Blumenthal, a Democrat, creates a fund to enforce sanctions on vessels, which sometimes also carry crude exports from Iran, a trade President Donald Trump says he wants to bring down to zero to prevent it from getting a nuclear weapon. WHY IT'S IMPORTANT Russia and Iran have used the shadow fleet to avoid sanctions and send oil to big customers like China and India. If Russian oil is under a $60 per barrel price cap set by Western economies, that trade is not under sanctions, provided the tankers have not been designated. The bill also establishes an export enforcement coordination center operated by the secretary of Homeland Security. BY THE NUMBERS The bill establishes a Russian Sanctions Enforcement Fund at the U.S. Treasury with an initial $150 million in 2025. Any oil seized by the U.S. would be sold and the funds over certain levels would eventually help pay down the U.S. debt, though the amount raised would be tiny compared to the $36 trillion debt. KEY QUOTES "Russia is continuing its malign actions by operating a 'ghost fleet' to evade U.S. sanctions, enrich its own war machine, and even aid Iranian oil smuggling," said Ernst. The legislation will enhance intelligence sharing and equip law enforcement with the tools to go after "illicit" trade networks, Ernst said. "In addition to disrupting Moscow's malign efforts to undermine U.S. law, this bill will also arm our nation to utilize the seized assets and pay down our own debt." Blumenthal said: "This measure will give our export controls real bite." WHAT'S NEXT? It's uncertain what is next for the bill in Congress, though measures on Russia and Iran are something that many lawmakers from both parties agree.
