WINNIPEG – The following is a glance at the news moving markets in Canada and globally.
– As Ukraine asked its citizens to leave Russia on Wednesday, the latter also evacuated its embassy in Ukraine as tensions between the two nations continue at a fevered pitch. Both actions were made after the United States cancelled its meeting with Russia due to the latter recognizing the independence of the Donetsk and Luhansk regions in Eastern Ukraine. Western nations, including Canada, announced their first round of sanctions against Russia, which ban financial dealings with Russian banks and the two breakaway regions. Ukrainian Foreign Minister Dmytro Kuleba wrote on Twitter, “We call on partners to impose more sanctions on Russia now. Now the pressure needs to step up to stop Putin. Hit his economy and cronies. Hit more. Hit hard. Hit now.”
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– The Canadian government announced on Wednesday it’s in the process of releasing funds from bank accounts that were frozen due to their connection with the trucker blockades. Assistant Deputy Minister of Finance Isabelle Jacques told a committee that up to 210 accounts worth C$7.8 million were frozen under The Emergencies Act, but most of them will soon be unfrozen pending investigations by the RCMP.
– The U.S. Trade Representative’s Office issued a statement on Wednesday denouncing the Canadian government’s plan to implement a new tax on digital services. Canada’s proposal, which the U.S. stated would violate American trade law, would be a three per cent tax over five years starting in 2024, generating C$3.4 billion in revenue. However, the U.S. wants Canada to focus on a multilateral tax plan for tech giants such as Meta and Alphabet, the parent companies for Facebook and Google, respectively.
