Canada pledges additional support for Ukraine 

News release

February 14, 2022 - Ottawa, Ontario - Department of Finance Canada

Canada stands resolute in its support of Ukraine and for the rules-based international order.

Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced that Canada will offer a loan of up to $500 million to the Government of Ukraine through the Bretton Woods and Related Agreements Act (BWRAA), to support the country’s economic resilience in the face of Russian military aggression. This is in addition to Canada's offer for a loan up to $120 million, announced on January 21, 2022.

Earlier today, the Deputy Prime Minister and Minister of Finance joined her G7 counterparts in a statement of unity and determination to protect the sovereignty, territorial integrity, and economic stability of Ukraine. The G7 will continue to provide bilateral and multilateral economic support and work closely with international financial institutions, including the International Monetary Fund (IMF), to protect the fiscal and economic stability of Ukraine.

In the face of Russia’s aggressive military build up in and around Ukraine, Canada will continue to support the stability of Ukraine’s economy, while remaining committed to de-escalation. 

Quotes

“Ukraine is on the front lines in the struggle between democracy and authoritarianism. The stakes in this conflict are stark and directly relevant to the Canadian national interest. Canada stands united with our G7 and NATO allies in our resolve to protect the economic and democratic stability of Ukraine. And Canada is prepared to respond swiftly to any further Russian military aggression and threatening of Ukraine’s sovereignty and territorial integrity by imposing forceful economic and financial sanctions.”

– The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance

“Canada will not stand idly by while the rules-based international order is challenged. Canada supports the democratic will of the Ukrainian people and we are resolute in our support for Ukraine’s sovereignty, territorial integrity and independence. We remain committed to a diplomatic resolution to the ongoing crisis and urge Russia to de-escalate and engage in meaningful dialogue. Any further invasion of Ukraine by the Russian military will be met with severe consequences.”

– The Honourable Mélanie Joly, Minister of Foreign Affairs

“Canada was the first Western country to recognize Ukraine’s independence, and our support for Ukraine’s sovereignty and territorial integrity remains resolute. We continue to stand with Ukraine through comprehensive aid including military equipment, intelligence and cyber cooperation, and significant financial assistance. In the face of Russia’s unwarranted aggression, Canada will continue to work with our partners and allies to defend the rules-based international order.”

– The Honourable Anita Anand, Minister of National Defence

Quick facts

  • Canada previously provided financial supports to Ukraine through the BWRAA in 2014-15, following the Russian annexation of Crimea. The two loans provided totaled $400 million to Ukraine, which Ukraine fully repaid on schedule in 2020. 

  • The BWRAA requires that the Minister of Finance be satisfied that the foreign state has an arrangement with the International Monetary Fund (IMF). Canada supports the continued implementation of the IMF Stand-By Arrangement with Ukraine. 

  • Since Russia’s illegal annexation of Crimea in 2014, Canada has imposed sanctions on more than 440 individuals and entities, many in coordination with allies.

  • Since 2014, Canada has provided Ukraine with more than $890 million in multifaceted assistance to support Ukraine’s security, prosperity, and reform objectives. 

  • On January 21, 2022, the Minister of International Development and the Minister of Foreign Affairs announced that Canada had offered a loan of up to $120 million to the Government of Ukraine to support the country’s economic resilience and development. In addition, Canada offered to provide a technical assistance grant of up to $6 million to support the implementation of the loan.

  • On January 26, 2022, the Minister of National Defence and the Minister of Foreign Affairs announced $340 million for immediate support to Ukraine and for the extension and expansion of Operation UNIFIER, the Canadian Armed Forces’ military training and capacity building mission in Ukraine. The recent extension and expansion of Operation UNIFIER will ensure that members of the Canadian Armed Forces will continue to provide enhanced military training and mentorship to Ukraine’s security forces through to the end of March 2025.

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Contacts

Media may contact:

Adrienne Vaupshas
Press Secretary
Office of the Deputy Prime Minister and Minister of Finance
Adrienne.Vaupshas@fin.gc.ca

Media Relations
Department of Finance Canada
mediare@fin.gc.ca
613-369-4000

General enquiries

Phone: 1-833-712-2292
TTY: 613-369-3230
E-mail: financepublic-financepublique@fin.gc.ca

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