Canada targets Russian elites, banks, announces 'severe' sanctions

Canadian Prime Minister Justin Trudeau on Thursday announced "severe" sanctions on Russian entities over Russia's military operation in Ukraine.

Trudeau said Canada will target 62 individuals and entities, including members of the Russian elite and their family members, the Russian paramilitary organization Wagner Group and major Russian banks, reported CBC News.

Furthermore, Canadian Foreign Minister Melanie Joly said hundreds of permits covering goods worth more than USD 700 million will be immediately canceled.

"These sanctions are wide-reaching. They will impose severe costs on complicit Russian elites, and they will limit President Putin's ability to continue funding this unjustified invasion," Trudeau said.

Trudeau said the conflict is the "greatest threat to European stability since the Second World War."

"These are deeply disturbing times for the international community and for people everywhere who care about freedom and democracy," Trudeau said. "Canada is unequivocal in our condemnation of Russia's unprovoked and unjustified attack on the sovereign, the democratic state of Ukraine.