Canada News

Behind the push to freeze Moscow’s foreign cash

Summary

As Russian forces readied to steamroll into Ukraine, Canada’s finance minister began drumming up support for a move that could be devastating for Russia’s economy. Chrystia Freeland, who also serves as the deputy prime minister, spent much of last week […]

As Russian forces readied to steamroll into Ukraine, Canada’s finance minister began drumming up support for a move that could be devastating for Russia’s economy.

Chrystia Freeland, who also serves as the deputy prime minister, spent much of last week “pushing the idea of sanctioning the central bank,” said a senior Canadian official who spoke on the condition of anonymity.

The finance minister began floating the idea Tuesday, as speculation over whether President Vladimir Putin’s military build-up was a bluff. As his intention became clear, and the invasion began in earnest, Freeland began working on “building some momentum” behind targeting the central bank in Moscow and cutting off the Putin regime from billions in foreign currency reserves.

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