Zelenskyy discusses defence, financial support with Justin Trudeau as G7 Summit kicks off

As the crucial G7 Summit kicked off on June 26, Ukrainian President Volodymyr Zelenskyy spoke to Canada's Prime Minister Justin Trudeau and "coordinated positions" over key events. With an eye on the key convention being held in Bavaria, Germany, the leaders discussed financial assistance deemed necessary by Ukraine in order to deter Russia's aggravated assault in the eastern part of the country. Zelenskyy thanked the Canadian PM for the comprehensive support offered to Kyiv for counteracting Russia's onslaught.

During the call, Zelenskyy outlined the potential military and financial assistance required as the war intensified in eastern pockets of Europe. In response, Trudeau reaffirmed his unwavering commitment towards Ukraine. He highlighted the significance to uphold Kyiv's territorial integrity and democracy. "You can count on Canada's support...we will continue to be there," Trudeau said, as mentioned in his Twitter post.

According to the Royal Canadian Mounted Police  (RCMP), Ottawa has blocked over $310 million in Russian assets since the war began on February 24. In a statement, the RCMP said it has effectively stalled at least $123 million until June 7. In addition, the Canadian Foreign Ministry froze transactions worth $289 million. This comes after Ottawa, in April, said it would reform its sanctions law to allow using seized funds as reparations for war victims and to help rebuild Ukraine, CBS News reported.

On June 8, Canadian Foreign Affairs Minister Melanie Joly announced fresh sanctions under the country's Special Economic Measures (Russia) Regulations in response to Russian President Vladimir Putin's ongoing "egregious and unjustified" invasion of Ukraine. In the new package of penalties, Ottawa imposed a ban on the export of 28 services vital for the operation of the oil, gas, and chemical industries, including technical management,  accounting, and advertising services. The ban on exploitation of oil gas and chemical services targets industry and accounts for 50% of Russia's Federal budget revenues, Joly said, as quoted in the press release. "The Russian invasion of Ukraine has now lasted over 100 days. During this time, Putin and his regime have caused untold pain and suffering in Ukraine and across the world. We will continue to relentlessly pursue accountability for Putin's senseless war," she added.

G7 leaders mull price cap on Russian oil to limit Russia's war chest

At the G7 summit, seven heads of the world's wealthiest democracies are mulling over imposing a price cap on Russian oil imports by other nations to cut down Moscow's alleged war funding. The idea was floated by US Treasury Secretary Janet Yellen during her trip to Toronto last week.

"Putting a ceiling on the price of fossil fuels imported from Russia has a geopolitical goal as well as an economic and social one," Italian Prime Minister Mario Draghi said at the G7 Summit, as quoted by The Guardian. The idea is deemed viable with Russia having no immediate alternative to level the revenue generated from European countries, altogether having no option but to agree to a 'price cap,' experts indicated. European Council chief Charles Michel also expressed support for the proposed 'price cap' idea, however, stressing that the leaders must have a "clear vision" to ensure maximum effect without a spill-off in Europe.

(Image: AP)