Canada Pledges Additional $2.4B In Loans To Ukraine In Meeting With PM Denys Shmyhal

Prime Minister, Justin Trudeau, reiterated Canada’s support for Ukraine in its efforts to defend itself against the Russian invasion during Tuesday’s meeting with Ukraine’s Prime Minister, Denys Shmyhal. The visit resulted in several announcements, including additional military aid to Ukraine sourced from Colt Canada, an arms and course manufacturer with an additional $2.4 billion loan to the Ukrainian government to support essential services.

The funding was announced in Budget 2023 and brings Canada’s total commitment to Ukraine since the beginning of Russia’s illegal full-scale invasion to over $8 billion. Canada’s support for Ukraine has been consistent since the illegal occupation and annexation of Crimea in 2014. The government has imposed sanctions on over 2,400 individuals and entities in Russia, Belarus, and Ukraine. This funding includes over $5 billion in financial assistance, over $1 billion in military support, $352.5 million in humanitarian assistance, $127 million in development assistance, and over $102 million in security and stabilization assistance.

The new military assistance package includes 21,000 5.56mm assault rifles, 38 7.62mm machine guns, over 2.4 million rounds of ammunition to support these weapons, and small arms already in use by the Armed Forces of Ukraine. The Canadian Armed Forces have been and will continue to assist with the delivery of military aid for Ukraine from Canada and on behalf of their allies and partners. They have already transported over eight million pounds of donated military equipment since March 2022. Between 2015 and 2023, Canada trained more than 36,000 members of Ukraine’s security forces as part of Operation UNIFIER.

This funding will also support the restoration of energy infrastructure, purchasing of fuel, and pension payments. The leaders also discussed rebuilding Ukraine, including hosting Canadian business leaders to explore opportunities for Canadian trade and investment in Ukraine.

To support Ukraine’s economic recovery, the Prime Ministers signed a joint declaration on the conclusion of negotiations for the modernization of the Canada-Ukraine Free Trade Agreement (CUFTA). The agreement will create good middle-class jobs in Canada and support long-term security, stability, and economic development in Ukraine. Additionally, the leaders signed a bilateral Youth Mobility Agreement, which will benefit young people from both countries when it is safe to travel to Ukraine.

To maintain pressure on the Russian regime, the Canadian Prime Minister announced new sanctions targeting 14 Russian individuals and 34 entities complicit in Russia’s war in Ukraine. These sanctions include security targets linked to the Wagner Group and Russia’s aviation sector. In addition, to further pressure Putin’s enablers in Belarus, the Prime Minister announced additional sanctions on nine entities related to the Belarusian financial sector.

During Prime Minister Shmyhal’s visit, Saskatoon-based Cameco and Ukraine’s state-owned Energoatom signed a major supply contract. Cameco will provide the necessary uranium to meet Ukraine’s nuclear fuel needs until 2035, creating and supporting good middle-class jobs in Canada while helping Ukraine keep the lights on.

Summary

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