Carney Pledges $4.3B for Ukraine, Announces New Sanctions on Russia at G7 Summit

BANFF, Alta.–Prime Minister Mark Carney announced $4.3 billion in new support for Ukraine and additional sanctions against Russia ahead of a meeting with Ukrainian President Volodymyr Zelenskyy on the second day of the G7 leaders’ summit.

The new support includes $2 billion in military assistance, and will provide resources such as drones, helicopters, and ammunition, Carney told reporters on June 17 in Kananaskis, Alta., shortly after welcoming Zelenskyy to the G7 summit. That funding will count toward Canada’s NATO defence spending target, according to the Prime Minister’s Office (PMO).

“We will be working with our European and other allies for their contributions to provide the support,” Carney said. “And to be absolutely clear, the support will be unwavering until we get a just peace for Ukraine and the Ukrainian people.”

Canada will also provide Ukraine with a $2.3 billion loan aimed at helping Ukraine rebuild its infrastructure and public systems, the PMO said. The loan is to be repaid using interest collected on Russian assets frozen in Europe.

Meanwhile, the new Canadian sanctions on Russia will target more than 200 vessels in Russia’s “shadow fleet,” as well as more than 40 entities that Carney says Russia is using to evade sanctions.

Zelenskyy attended the G7 summit one day after missile and drone attacks by Russian forces on Kyiv, which resulted in 14 fatalities and left hundreds injured, according to Ukrainian officials.

Russia and Ukraine have stepped up attacks on each other’s critical infrastructure, including energy sites, despite efforts by the United States to secure a cease-fire.

The strike was “one of the biggest attacks from the very beginning of this war,” Zelenskyy said during his brief press conference with Carney, saying it involved 32 missiles and 440 drones.

Carney condemned Russia’s latest attack “in the strongest terms” and offered his “deep condolences” to the Ukrainian people.

He added that G7 leaders had discussed the situation the previous day, highlighting the “importance of using maximum pressure against Russia,” which he says includes financial pressure.

U.S. President Donald Trump described the decision to remove Russia from the Group of 8 (G8) as a mistake during the summit’s opening day. He argued that if Russia was part of the group, the war could have been prevented.

Russia’s membership was suspended in 2014 after its annexation of Crimea, reducing the group from the G8 to the G7.

“It was a mistake in that you spend so much time talking about Russia, and he’s no longer at the table, so it makes life more complicated,” Trump said after a bilateral meeting with Carney on the morning of June 16. “But you wouldn’t have had the war.”

Trump cut his trip to Canada short, citing the need to return to Washington to focus on the ongoing conflict between Israel and Iran. He departed on the evening of June 16.

The leaders held a G7 working breakfast on June 17 on the topic of a “strong and sovereign Ukraine.”

Invited leaders welcomed to Kananaskis that afternoon included Australian Prime Minister Anthony Albanese, Mexican President Claudia Sheinbaum, Indian Prime Minister Narendra Modi, Brazilian President Luiz Inácio Lula da Silva, and Korean President Lee Jae-myung.

Adam Morrow and The Canadian Press contributed to this report.