Canada Boosts Ukraine Support with $5B Commitment

Rome, Italy – In a significant show of support for Ukraine, Canada has pledged $5 billion to aid in its fight against Russia. This commitment comes as Prime Minister Justin Trudeau and other G7 leaders gather in Italy to finalize a new strategy aimed at leveraging frozen Russian assets to bolster Ukraine’s defenses.

A government official confirmed that Canada’s financial contribution will form part of a broader deal, currently under negotiation, designed to support Ukrainian President Volodymyr Zelenskyy amidst ongoing Russian aggression. The proposed plan involves using interest accrued on approximately 200 billion euros of frozen Russian assets, primarily held in Europe, to secure a $50 billion US bank loan for Ukraine.

White House national security adviser Jake Sullivan commented on the discussions, stating, “I think we will have the major tentpoles of this decided, but some of the specifics left to be worked through by experts on a defined timetable.”

Prime Minister Trudeau is scheduled to meet with President Zelenskyy in Italy on Thursday to discuss the new financial aid package. This initiative builds on Trudeau’s earlier proposal to utilize seized Russian Central Bank assets, first suggested during a G7 call in February. Deputy Prime Minister Chrystia Freeland has also advocated for this approach among G7 finance ministers.

Since the onset of Russia’s full-scale invasion of Ukraine in February 2022, the RCMP has frozen $140 million in Russian assets within Canada. Additionally, Global Affairs Canada has seized a Russian plane and a company linked to a Russian oligarch. The recent federal budget indicates Canada’s commitment to exploring legal avenues to fully utilize these assets in support of Ukraine.

Ukraine continues to seek additional weapons, ammunition, and training. The U.S. Congress recently approved a $61 billion military aid package for Ukraine, despite a six-month delay due to political disagreements within the Republican Party.

In Belgium, Canadian Defense Minister Bill Blair announced plans to send the first shipment of 2,000 decommissioned rocket motors from the Royal Canadian Air Force to Ukraine. Additionally, Canada will donate nearly 30 Nanuk remote weapons systems for use on armored vehicles and over 130,000 rounds of small arms ammunition.

Prime Minister Trudeau is participating in a series of working sessions with G7 leaders, focusing on the conflicts in Ukraine and Gaza, development in Africa, and climate change. Scheduled bilateral meetings with French President Emmanuel Macron and German Chancellor Olaf Scholz are also on the agenda.

Canada’s $5 billion contribution marks a crucial step in international efforts to support Ukraine and counter Russian aggression, reinforcing the commitment of G7 nations to global security and stability.