Canada will expand its Russia sanctions to target more Putin-friendly oligarchs and businesses, but Deputy Prime Minister Chrystia Freeland warns Canadians there will be an economic price for these punitive measures in support of Ukraine.
“I have to be honest with Canadians that there could be some collateral damage in Canada,” Ms. Freeland told reporters Tuesday.
She said she discussed this with Group of Seven finance ministers Tuesday. “We said in order to be really be effective, in order to really have an impact, we are going to have to be prepared for there to be some adverse consequences for our own economies.”
On Tuesday Canada announced it was banning Russian-owned and registered ships from Canadian ports and waters.