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Canada's new sanctions targeting Russia could hurt Canada's economy as well, Freeland says
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 moves might end up hurting Canada's economy, Finance Minister Chrystia Freeland said Tuesday.
Freeland made those remarks Tuesday afternoon after meeting with the finance ministers of the other G7 nations and the Ukrainian finance minister to discuss measures to punish Russia for its invasion of Ukraine.
"Tariffs and retaliation and sanctions are the most effective when you can devise policies that have the maximum impact on the counter party whose attention you are seeking to get, and do the minimal damage to yourself," Freeland said, adding that, so far, sanctions have been structured to avoid harming Canadian business interests.
No-fly-zone off the table, says Anand
Ukrainian President Volodymyr Zelensky has been calling on NATO to impose a no-fly-zone over Ukraine, something the alliance has said it will not do. Defence Minister Anita Anand remained fully on-side with that position Tuesday afternoon."NATO's a defensive alliance and putting in place a no-fly zone would be a severe escalation on the part of NATO, and it is not on the table at the current time," Anand said.