Remarks by the Deputy Prime Minister and Minister of Finance regarding Russia’s ongoing invasion of Ukraine

March 1, 2022 – Ottawa, Ontario

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This morning, I spoke with my G7 counterparts — the world’s leading democratic economies — about Russia’s barbaric attack on Ukraine, on democracy, and on the rules-based international order.

We were also joined by Ukraine’s Minister of Finance, Serhii Marchenko, whose country is so bravely resisting the brutality of a tyrant.

Minister Marchenko joined us from a windowless room. We could see a spartan cot behind him, and a blue and yellow flag taped to the wall. He looked tired but was determined.

He thanked us for the support, assured us that Ukraine would win, and asked us to continue ratcheting up the pressure on Russia.

The G7 ministers took stock of the coordinated and crushing sanctions that we have placed on Russia’s economy, including the direct targeting of the Russian Central Bank — President Vladimir Putin’s war chest.

The actions we have already taken are the strongest ever imposed on a major economy.

Working together — in close collaboration with President Volodymyr Zelenskyy’s government — we will go even further in the days to come.

Our new measures will continue to target both the institutions and the people that aid and enable President Putin. They will choke his ability to fund his war of aggression.

And on this point, we are resolute, because as the G7 — Canada, Germany, France, Italy, Japan, the United Kingdom, and the United States — we understand the stakes of this great conflict between democracy and dictatorship.

This battleground today is Ukraine, but this is our fight, too.

President Putin has made a grave and historic error.

This is not the behaviour of a superpower — this is the last gasp of a failing kleptocracy. And President Putin has now become an international pariah.

The free world is united in our conviction that his brutal assault on democracy, on the rules-based international order, and on the people of Ukraine cannot be allowed to succeed.

And we are united in our support for brave Ukraine.

Slava Ukraini! Слава Украіні!