Canadian Deputy Prime Minister and Minister of Finance Chrystia Freeland (photo) today announced that Canada has revoked Russia’s and Belarus’ Most Favoured Nation status as trading partners under Canadian law. Russia and Belarus will be subject to a tariff of 35% on their exports to Canada. The only other country in this category is North Korea.
She also noted that the Russian currency, the ruble, has been down as much as 30% this week and that on Monday, Russia’s Central Bank raised its benchmark interest rate to 20%. She added that the Russian stock market is closed today for the fourth consecutive day. Russian government bonds have now been downgraded to junk status, Freeland observed.
Deputy Prime Minister ended her statement with the following words: President Putin, his enablers, and the Russian economy will pay the price for his grievous and historic mistake.
Russian military forces invaded Ukraine a couple of days ago and fierce fighting has been taking place.
Note from the Editor:
Please click on the link below and listen to the Deputy Prime Minister and Finance Minister of Canada:
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