In response to Russia’s recognition of the so-called Donetsk People’s Republic (“DPR”) and Luhansk People’s Republic (“LPR”) on February 21, 2022, Canada has announced the imposition of new sanctions measures. Although detailed legislation regarding the new measures is not yet available, Prime Minister Justin Trudeau announced that the sanctions measures will:
- Impose restrictions on members of the Russian State Duma who voted in favour of the decision to recognize the independence of the two regions within Ukraine;
- Prohibit all financial dealings with the so-called independent states of DPR and LPR;
- Introduce new prohibitions on purchasing Russian sovereign debt; and
- Impose sanctions on two state-backed Russian banks.
Canada appears to be implementing sanctions measures in line with those announced by the United States and the European Union. Once the text of the sanctions legislation is available, we will publish an article providing further details.