Canada and its G7 partners refused to conduct any operations with the Central Bank of Russia
They expect this to prevent Russia from using its international currency reserves to finance the war with Ukraine.
The United Kingdom, Germany, Italy, Canada, France, Japan, and the United States have frozen Russia's financial assets. There is no specific information about what assets these countries own — gold, currency, securities, debt securities — yet. It is very likely that some of these assets will simply be lost to Russia.
Most likely, these sanctions are aimed at preventing the Central Bank of Russia from regulating the ruble exchange rate, but trade relations with countries with which there were settlements in dollars and euros will also be greatly complicated, as will any electronic settlements. It is not yet known what will happen to transfers to and from Russia. But there is already information that some Russian banks have experienced difficulties with the Google Pay system.
Russia is also threatened by disconnection from the financial system SWIFT, but, as economists write, using this system can be compared to using one of the many messengers: it is convenient for transferring data between banks, but if some banks can not use it, they will move to other methods of transactions.
We have already written about how Canadians react to the situation and what assistance Canada offers the Ukrainians. In addition, Canada has banned Russian civilian planes from entering its airspace and has sent two C-130J tactical transport planes and a group of 40-50 military personnel to Ukraine. It is stated that Canada is allocating another $25 million CAD for military aid to Ukraine, but is not ready to directly intervene in the war and ensure clear skies over Ukraine, as President Zelensky requested.
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