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Canada’s new sanctions on Russia could also hurt Canadian economy, says Freeland
Canada will hit Russia with more sanctions and economic policies designed to undermine Russian President Vladimir Putin’s ability to wage war – and some of those measures could end up hurting Canada’s economy, the finance minister said Tuesday. Chrystia Freeland.
Freeland made the remarks after meeting with other G7 finance ministers and Ukraine’s finance minister to discuss measures to punish Russia for its invasion of Ukraine.
“Tariffs, retaliation and sanctions are most effective when you can design policies that have the maximum impact on the counterparty whose attention you are seeking, and do you the least possible harm,” said Freeland, adding that, so far, the sanctions have been structured to avoid harming Canadian commercial interests.
“If we’re really determined to stand with Ukraine, if the stakes in this fight are as high as I think it is, we have to be honest with ourselves, I have to be honest with the Canadians, that it could there could be collateral damage in Canada, and that’s something the G7 finance ministers discussed very early this morning.”
Freeland did not give details of the measures she and other finance ministers discussed. She said the government would have more to say in the coming days.
Natural Resources Minister Jonathan Wilkinson announced Tuesday night that Canada will now ban all petroleum products from Russia. The government had said a day earlier that it would only ban Russian crude oil.
Wilkinson said on Twitter that government officials had been instructed to “design a ban that will minimize the impact on the Canadian economy, while maximizing the impact on the Russian economy.”
Canada imported over $250 million worth of refined petroleum products from Russia in 2021.
Read the full story here.
Russia bombs key sites in Kyiv as shelling of Ukrainian cities intensifies
Russian forces fired at Kiev’s television tower and Ukraine’s main Holocaust memorial, among other targeted civilian sites on Tuesday, killing five civilians, Ukrainian officials said. An electrical substation supplying power to the tower and a control room on the tower were damaged by the hit, Kyiv Mayor Vitali Klitschko said. See more images in our photo gallery here.
Just three months before the Ontario provincial election, Premier Doug Ford’s government is spending an unknown amount of public money on an advertising campaign that opposition parties say is partisan. The “Growing Ontario Stronger” campaign includes television, radio and online ads promoting the provincial government’s role in the economic recovery. “More jobs are created. Bridges and highways are built. Public transit is expanding and new homes are being built, all for a growing province,” says the narrator of a 30-second TV commercial, paid for by the Ontario government. . The timing of the campaign and its upbeat tone have opposition parties complaining that Ford is using taxpayer dollars to boost its Progressive Conservatives’ re-election chances on June 2. The Prime Minister’s Office declined to reveal the cost of the ads when asked by CBC Tuesday News. Read the full story here.
Michelle Peters-Jones has only worked part-time for the past nine years. In the face of expensive daycare options in Edmonton, it never made financial sense to work full time and have a bill for five days of childcare. But now, after Alberta’s new affordable child care program launched earlier this year, she’s taken on a full-time job. And instead of paying $800 for three days of child care, she now pays $500 for five days. “It’s not just about money for me, honestly, it’s about chasing dreams, reigniting my career,” she said. The cost of living is rising across the country, although for many parents with young children the new program provides major financial relief. The federal government launched the $30 billion program last year and has signed agreements with most provinces and territories. The goal is to reduce the cost of child care to just $10 a day, per child, nationwide. Read more about this story from our Priced Out series, find out why you pay more at checkout and how Canadians are coping with the high cost of everything.
Sydney Halcrow, of the Kapawe’no First Nation in northern Alberta, held back tears as she said the discovery of 169 potential graves at the site of a former residential school validates the horrifying testimonies survivors have shared. “Our little warriors have been waiting for us to find them. Now we’re going to make sure they rest in peace,” Halcrow said at a press conference on Tuesday. The possible graves were identified using ground-penetrating radar and a drone at the site of the former Grouard mission, about 370 kilometers northwest of Edmonton. Kisha Supernant, project leader and director of the Institute of Prairie and Indigenous Archeology at the University of Alberta, said the find corroborates what survivors and elders have been saying and marks the start of a long journey to find answers. “There’s a lot more to do…to bring the kids home,” Supernant said. Read more about this story here.
For those who want to hear a more detailed explanation of why the United States should push back against Russia’s invasion of Ukraine — and the potential costs of doing so — the President’s State of the Union Address Joe Biden may have left some with lingering questions. Still, the 62-minute speech gave the president the chance to outline why he thinks Russian leader Vladimir Putin’s actions should be curtailed, and showed an otherwise deeply partisan US government strongly united on that front. . Russia’s attack on Ukraine has certainly hijacked some of the President’s planned agenda for his first State of the Union address on Tuesday night. The address, which has been in the works for months, was initially expected to focus on its national initiatives, the economy and the cost of living. The invasion required a few quick edits to shine a spotlight on events in Europe that grabbed the headlines. Read more analysis of Biden’s speech here.
The ongoing Major League Baseball labor dispute has resulted in the cancellation of Opening Day. MLB commissioner Rob Manfred said on Tuesday the sport would lose regular season games due to a labor disruption for the first time in 27 years after acrimonious lockdown talks broke down in the hours before the management deadline. Manfred said he was dropping the first two series of the season, which were scheduled to start on March 31. The result is that the regular season schedule will go from 162 games to a maximum of 156 games. Manfred said the league and union have made no plans for future negotiations. Learn more about the cancellation of the start of the baseball season.
When Sonia Rodriguez started taking ballet lessons at the age of 12, she had no idea she would become the oldest dancer in the National Ballet of Canada. Most ballerinas retire between the ages of 35 and 40 due to age wear and tear or a career-ending injury. Rodriguez leaves at 49 after 32 years on stage and after more than two decades as the company’s principal dancer. “I love the challenge,” Rodriguez said. “I feel like I’m going to have to keep moving, honestly, because I think if I don’t I won’t walk very well.” She will reprise her role from 2017 as tragic heroine Blanche DuBois from A tram called Désir for its last performances on Wednesday, Friday and Saturday. Learn more about Rodriguez here.
Now, some good news to start your Wednesday: Crews from HMCS Goose Bay and HMCS Moncton stopped at the Tacugama Chimpanzee Sanctuary in Freetown, Sierra Leone, while deployed to West Africa last month. While at the sanctuary, they used more than 100 meters of rope from the old rigging of a Royal Canadian Navy sailing ship to build a new play area for the chimpanzees. The Canadians could see the reaction when the chimpanzees were allowed into the redesigned play area, and from the hoots and squeals, they seemed to appreciate the effort. “One of them came over and gave us what looked like a boost,” said Cmdr. Daniel Rice told CBC News. Read the full story here.
Front Burner: the Russian economy in the crosshairs
Since Russia invaded Ukraine last Thursday, the Western powers have stood firm on one point: They will not engage Russia in a hot war to defend Ukraine. Instead, they are piling up a list of increasingly punitive economic sanctions.
Today, we’ll break down some of the top penalties and look at their current and potential impacts.
First, Feature Story News correspondent Giles Gibson will give us a view of Moscow, where people are already beginning to feel the effects of the sanctions. Next, we’ll talk to The Wall Street Journal’s Ian Talley about what exactly these sanctions are — and whether they’ll work to limit the actions of Russian President Vladimir Putin.
23:55The Russian economy in the crosshairs
Today in History: March 2
1933: The film King Kong has its world premiere in New York.
1961: A Saskatoon team led by Joyce McKee wins the first ten-province round robin for the Canadian women’s curling championship. McKee won four more national titles – as skip in 1969 and as runner-up in 1971, 1972 and 1973.
2004 : Bernard Ebbers, the Edmonton-born co-founder of bankrupt WorldCom Inc., is charged with conspiracy, fraud and misrepresentation regarding the company’s misreporting of US$11 billion in income and expenses to cover a long-distance telephone and Internet down. business.
2012: BP agrees to pay US$7.8 billion to settle lawsuits over the 2010 Gulf of Mexico oil spill, making it one of the largest class action settlements ever.