Canada Seeks Russian Funds for Ukraine

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Russian cash

CityNews

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World

Canada's plan to fuel Ukraine's war effort with Russian cash

Summary

Nutrition label

72% Informative

Canada is set to take its first steps toward expropriating assets held by the Russian government and sanctioned Russian citizens to help fund Ukraine ’s war effort.

Canada has been leading the push among allies to expropriate Russian cash for Ukraine .

Critics warn such a move could violate international law and give adversaries an excuse to steal private property.

Russia ’s central bank holdings at the beginning of 2022 included roughly $24 billion denominated in Canadian dollars.

Most Russian holdings abroad sit in European banks.

Canada helped design a system, announced last summer , which allows Ottawa to use the revenues generated by these accounts in Europe to secure $5 billion in loans for Ukraine .

VR Score

Informative language

Neutral language

Article tone

semi-formal

Language

English

Language complexity

Offensive language

not offensive

Hate speech

not hateful