The Government of Canada will issue five-year bonds – Ukraine Sovereignty Bonds – to financially support Ukraine, Prime Minister Justin Trudeau said at the XXVII Triennial Congress of Ukrainian Canadians in Winnipeg on Friday.
“Canada remains unwavering in our commitment to support the people of Ukraine in their fight against Putin’s illegal and barbaric invasion, and we will continue to do everything we can to ensure Ukraine has the resources it needs to win. Now, through a bond designated for Ukraine, Canadians can contribute to this critical effort through a new federally backed investment,” Deputy Prime Minister and Finance Minister Chrystia Freeland said in a statement on the Prime Minister’s website.
Trudeau announced that the Government of Canada will issue Ukraine Sovereignty Bonds, which will help the government continue operations, including providing essential services to Ukrainians, like pensions, and purchasing fuel before winter.
The equivalent proceeds from this five-year bond will be channelled directly to Ukraine through the International Monetary Fund’s (IMF) Administered Account. This builds on the Government of Canada’s CAD 2 billion in financial assistance to Ukraine this year, the report said.
According to it, the new bonds will be offered by the participating financial institutions at denominations and rates to be announced shortly.
Those who decide to invest in this bond will actually purchase a regular five-year Canadian government bond backed by Canada’s AAA credit rating. Canada is the first country in the world outside of Ukraine to offer bonds in support of Ukraine for purchase.
To increase pressure on Putin’s regime, Trudeau also announced that Canada is imposing new sanctions on individuals and entities complicit in Russia’s invasion of Ukraine. These new measures will target 35 senior officials of energy entities, including those of Gazprom and its subsidiaries, and six energy sector entities involved in Russia’s ongoing violations of Ukraine’s sovereignty and territorial integrity. “These new measures build on the sanctions we have already implemented against over 1,400 individuals and entities,” he said.
He also announced that Canada intends to impose new sanctions on members of the Russian justice and security sectors, including police officers and investigators, prosecutors, judges, and prison officials, involved in gross and systematic human rights violations against Russian opposition leaders.
Trudeau said that the 39 armoured combat support vehicles (ACSVs) Canada announced for Ukraine in June have started to arrive in Europe, where training for the Ukrainian forces is underway, with the last expected to be delivered end of November. Since February 2022, Canada has committed over CAD 600 million in military assistance to Ukraine. Canada will continue to help Ukraine meet its urgent requirements for military and defence equipment.
The prime minister also said that Canada is allocating $55 million in previously announced funding to the International Federation of Red Cross and Red Crescent Societies, the International Organization for Migration, and the United Nations High Commissioner for Refugees and other humanitarian partners to support winterization initiatives. This includes providing shelter and distributing essential items such as blankets, clothing, heating appliances, and fuel.
In addition, the Prime Minister announced the launch of the Canada-Ukraine Science Partnership, which will invite up to 20 Ukraine-based scientists to come work and live in Canada.
According to the report, streamlining current visa and travel requirements, as of October 18, 2022, close to 315,000 applications have been approved.
BONDS, CANADA, SUPPORT, UKRAINE
