Canada commits around $85 million for Ukraine to repair its power grid

December 14,2022 320
Canada commits around $85 million for Ukraine to repair its power grid

Canada will transfer 115 million Canadian dollars (around $85 million) for the restoration of Ukraine’s energy infrastructure, which was seriously damaged by the ongoing Russian missile and drone attacks, according to a press release by the Government of Canada.

The announcement was made by Canada’s Deputy Prime Minister and Minister of Finance Chrystia Freeland at the “Standing with the Ukrainian People” conference in Paris, France, on Tuesday.

She said the money will come from expected tariff revenues collected on imports from Russia and Belarus.

“Putin and his henchmen are war criminals, and they are attempting to use the cold as a weapon to break the spirit of the remarkable people of Ukraine. They will not succeed, and this support will help ensure that Ukraine can secure its energy infrastructure and make it through the difficult winter to come,” Freeland stated.

Canada is the first country to start using the revenues collected through tariff measures against Russia to assist Ukraine – a suggestion made by G7 Leaders in June.

Since the beginning of Russia’s full-scale invasion in February, Canada has already disbursed CAD 2 billion (nearly $1.5 billion) in direct financial assistance to Ukraine and committed an additional CAD 500 million through the Ukraine Sovereignty Bond earlier this month. Canada has also committed more than CAD 2.5 billion in military, humanitarian, and other assistance to Ukraine this year, according to the press release.

Minister of Finance Chrystia Freeland in Ottawa on Dec. 7, 2022. (THE CANADIAN PRESS/Sean Kilpatrick via CTV News)