Thursday, May 29, 2025
No Result
View All Result
  • Media
Support Us
Macdonald-Laurier Institute
  • Home
  • About
    • Who We Are
    • Who Makes MLI Work
    • Tenth Anniversary
  • Experts
    • Experts Directory
    • In Memoriam
  • Issues
    • Domestic Policy
      • Economic Policy
      • Justice
      • Rights and Freedoms
      • Assisted Suicide (MAID)
      • Health Care
      • COVID-19
      • Gender Identity
      • Canada’s Political Tradition
      • AI, Technology and Innovation
      • Media and Telecoms
      • Housing
      • Immigration
      • Agriculture and Agri-Food
      • Competition Policy
    • Energy Policy
      • Energy
      • Environment
    • Foreign Policy
      • Israel-Hamas War
      • Ukraine
      • Taiwan
      • China
      • Europe and Russia
      • Indo-Pacific
      • Middle East and North Africa
      • North America
      • Foreign Interference
      • National Defence
      • National Security
      • Foreign Affairs
    • Indigenous Affairs
  • Projects
    • CNAPS (Center for North American Prosperity and Security)
    • The Promised Land
    • Voices that Inspire: The Macdonald-Laurier Vancouver Speaker Series
    • Dragon at the Door
    • Canada on top of the world
    • Justice Report Card
    • The Great Energy Crisis
    • DisInfoWatch.org
    • Double Trouble
    • Digital Policy & Connectivity
    • Managing Indigenous Prosperity
    • Defending The Marketplace of Ideas
    • Reforming the University
    • Past Projects
      • Canada and the Indo-Pacific Initiative
      • The Transatlantic Program
      • COVID Misery Index
        • Provincial COVID Misery Index
        • Beyond Lockdown
        • COVID and after: A mandate for recovery
      • Speak for Ourselves
      • The Eavesdropping Dragon: Huawei
      • Talkin’ in the Free World with Mariam Memarsadeghi
      • An Intellectual Property Strategy for Canada
      • Munk Senior Fellows
      • A Mandate for Canada
      • Confederation Series
      • Fiscal Reform
      • The Canadian Century project
      • Fixing Canadian health care
      • Internal trade
      • From a mandate for change
      • Size of government in Canada
      • Straight Talk
      • Labour Market Report
      • Leading Economic Indicator
      • Centre for Advancing Canada’s Interests Abroad
      • Indigenous Prosperity at a Crossroads
        • Aboriginal Canada and Natural Resources
  • Events
    • Upcoming Events
    • Past Events
      • MLI Dinners
      • Great Canadian Debates
  • Latest News
  • Inside Policy
  • Libraries
    • Columns
    • Commentary
    • Papers
    • Books
    • Video
  • Home
  • About
    • Who We Are
    • Who Makes MLI Work
    • Tenth Anniversary
  • Experts
    • Experts Directory
    • In Memoriam
  • Issues
    • Domestic Policy
      • Economic Policy
      • Justice
      • Rights and Freedoms
      • Assisted Suicide (MAID)
      • Health Care
      • COVID-19
      • Gender Identity
      • Canada’s Political Tradition
      • AI, Technology and Innovation
      • Media and Telecoms
      • Housing
      • Immigration
      • Agriculture and Agri-Food
      • Competition Policy
    • Energy Policy
      • Energy
      • Environment
    • Foreign Policy
      • Israel-Hamas War
      • Ukraine
      • Taiwan
      • China
      • Europe and Russia
      • Indo-Pacific
      • Middle East and North Africa
      • North America
      • Foreign Interference
      • National Defence
      • National Security
      • Foreign Affairs
    • Indigenous Affairs
  • Projects
    • CNAPS (Center for North American Prosperity and Security)
    • The Promised Land
    • Voices that Inspire: The Macdonald-Laurier Vancouver Speaker Series
    • Dragon at the Door
    • Canada on top of the world
    • Justice Report Card
    • The Great Energy Crisis
    • DisInfoWatch.org
    • Double Trouble
    • Digital Policy & Connectivity
    • Managing Indigenous Prosperity
    • Defending The Marketplace of Ideas
    • Reforming the University
    • Past Projects
      • Canada and the Indo-Pacific Initiative
      • The Transatlantic Program
      • COVID Misery Index
        • Provincial COVID Misery Index
        • Beyond Lockdown
        • COVID and after: A mandate for recovery
      • Speak for Ourselves
      • The Eavesdropping Dragon: Huawei
      • Talkin’ in the Free World with Mariam Memarsadeghi
      • An Intellectual Property Strategy for Canada
      • Munk Senior Fellows
      • A Mandate for Canada
      • Confederation Series
      • Fiscal Reform
      • The Canadian Century project
      • Fixing Canadian health care
      • Internal trade
      • From a mandate for change
      • Size of government in Canada
      • Straight Talk
      • Labour Market Report
      • Leading Economic Indicator
      • Centre for Advancing Canada’s Interests Abroad
      • Indigenous Prosperity at a Crossroads
        • Aboriginal Canada and Natural Resources
  • Events
    • Upcoming Events
    • Past Events
      • MLI Dinners
      • Great Canadian Debates
  • Latest News
  • Inside Policy
  • Libraries
    • Columns
    • Commentary
    • Papers
    • Books
    • Video
No Result
View All Result
Macdonald-Laurier Institute

A lifeline for Ukraine that costs Canadian taxpayers nothing: Balkan Devlen, Aaron Gasch Burnett, and Yuliya Ziskina in National Newswatch

Providing Ukraine with a robust financial buffer can help shift the balance of power, ensuring Ukraine remains the master of its own destiny.

March 3, 2025
in Foreign Affairs, Foreign Policy, Latest News, Columns, In the Media, Europe and Russia, Ukraine, Balkan Devlen
Reading Time: 4 mins read
A A
A lifeline for Ukraine that costs Canadian taxpayers nothing: Balkan Devlen, Aaron Gasch Burnett, and Yuliya Ziskina in National Newswatch

Image via Canva.

This article originally appeared in National Newswatch.

By Balkan Devlen, Aaron Gasch Burnett, and Yuliya Ziskina, March 3, 2025

Ukraine is fighting for its survival against Russian aggression. Its future hangs in the balance. Recent signals from U.S. officials suggest that America may throw Ukraine under the bus for a quick end to the conflict. Under such conditions, Ukraine must not be forced into accepting an unjust peace deal. It urgently needs the financial means to continue its resistance and defend its sovereignty. By doing so, Ukraine is buying time for Canada and its European allies to rearm and prepare for inevitable further aggression from an imperialist Russia and its authoritarian allies.

Canada’s support for Ukraine has long been a matter of words rather than action. For the past year and a half, the Liberal government has stalled on vital legislation that would let us confiscate frozen Russian state assets—over CAD 20 billion held in Canadian dollars.  Through this delay, the government has undermined the credibility of seizing assets as a viable solution, but has also jeopardized Ukraine’s future. What’s more, the Prime Minister’s politically selfish prorogation of Parliament has left Canada unable to act to either loan the $5 billion it promised Ukraine, to be repaid with the future interest on the frozen assets, or to transfer the assets themselves to Ukraine. Both measures require Parliament to pass authorizing legislation.

This delay and inaction are particularly galling when the measure would cost Canadian taxpayers absolutely nothing. With Parliament prorogued until March 24th and the government likely to fall when the House reconvenes, Canada is left to support Ukraine through an existential crisis without the full financial force only Parliament can deliver.

Even so, given this legislative deadlock and uncertain political future, Canada can – and must – adopt four practical measures:

First, extend a loan to Ukraine backed by the Russian state assets held in Canadian dollars up to the threshold allowed without parliamentary approval. This won’t come close to providing the billions Parliament can authorize. But they still represent a ready-made financial resource that can be deployed now to empower Ukraine – at no net cost to the Canadian taxpayer. The assets would serve as collateral for this loan.

The loan, backed by Russian state assets as an alternative to seizing and transferring them outright, is an immediate interim measure given that Canada has yet to operationalize its asset seizure legislation passed in June 2022. It must be accompanied with credible, binding assurance that seized state assets will be used to repay this loan.

Second, as soon as Parliament reconvenes—whether after the prorogation on March 24 or following the next election—the current or incoming government must fast-track legislation to formalize transferring these assets to Ukraine. Retired Senator Ratna Omidvar and Senator Donna Dasko already drafted a legislative amendment allowing this, to which both senior Liberals and Conservatives have signalled support. In the interest of international security, we need our MPs to come together to pass it.

Third, Canada can signal its intent to seize by moving the frozen assets held in Canadian banks to separate accounts. The Finance Ministry’s response to an order paper question submitted by Calgary-Heritage MP Shuvaloy Majumdar suggests the government may know which Canadian accounts hold these assets – but they may be co-mingled with non-sanctioned entities. The ministry can move these assets now (making them easier to seize later).

Finally, the government should encourage its allies to follow the Canadian example of listing the Central Bank of Russia on its sanctioned entities list. Although other allied countries have listed the CBR’s Governor Elvira Nabiullina individually, not everyone lists the CBR itself – as Canada does. The government can encourage allies to follow suit – and tighten the pressure on Russia.

To repeat; this costs Canadian taxpayers nothing. Loaning against these assets and preparing to seize them provides Ukraine with means to immediately defend itself, and reinforces a fundamental principle: aggressors must pay for their actions. It also sends the message that Canada intends to stand up to Trumpian strong-arming of Ukraine.

Inaction leaves Ukraine vulnerable — to both Russian military advances and to pressure from the United States, which appears ready to let Ukraine bear the brunt of a costly peace deal. Providing Ukraine with a robust financial buffer can help shift the balance of power, ensuring Ukraine remains the master of its own destiny.

Critics worry that seizing foreign assets might spark economic instability or a backlash in international finance. However, these concerns are overstated. Markets have already adjusted to the freezing of RCB assets. Rather than destabilize the financial system, this move would strengthen it by upholding the rule of law and ensuring that economic resources are not used to fuel further injustice.

Legally, seizing these assets is well within the scope of recognized countermeasures against acts of aggression. It is a measured and justified response to a clear and present danger—a tool to ensure that those who violate international law are held accountable for their actions.

The moral case is also clear. Russia must be held accountable for the destruction and human suffering it has inflicted upon Ukraine.

The Canadian government must stop dithering and start acting. Our support for Ukraine must be as strong in practice as it is in principle. By issuing an immediate loan backed by Russian assets, Canada can provide Ukraine with critical resources it needs now, and signal its commitment to fast-track legislation to seize these assets as soon as possible.

The government’s inaction over the past year and a half has already cost valuable time.

Now is the moment for bold, decisive action. Only then can we truly claim to stand by Ukraine.


Balkan Devlen is the Director of the Transatlantic Program and Senior Fellow at the Macdonald Laurier Institute.

Aaron Gasch Burnett is Senior Fellow at the Democratic Strategy Initiative, based in Berlin.

Yuliya Ziskina is Senior Legal Fellow at Washington-based Razom for Ukraine.

All three authors have consulted with Canadian politicians on amending the Special Economic Measures Act.

Source: National Newswatch
Tags: Aaron Gasch BurnettYuliya Ziskina

Related Posts

Moving the needle: How “safe supply” became Canada’s answer to the opioid crisis, why it failed, and how we can do better
Health

Moving the needle: How “safe supply” became Canada’s answer to the opioid crisis, why it failed, and how we can do better

May 29, 2025
Why Britain must look towards the ‘Great Dominion’: Matthew Bondy in CapX
Foreign Affairs

Why Britain must look towards the ‘Great Dominion’: Matthew Bondy in CapX

May 28, 2025
(Im)balance of power – How federal overreach fuels Western Alienation: Sonya Savage and Heather Exner-Pirot
Intergovernmental Affairs

(Im)balance of power – How federal overreach fuels Western Alienation: Sonya Savage and Heather Exner-Pirot

May 28, 2025
Next Post
Where does the Trump-Zelenskyy blowup leave Ukraine?: Marcus Kolga on CBC News

Where does the Trump-Zelenskyy blowup leave Ukraine?: Marcus Kolga on CBC News

Newsletter Signup

  Thank you for Signing Up
  Please correct the marked field(s) below.
Email Address  *
1,true,6,Contact Email,2
First Name *
1,true,1,First Name,2
Last Name *
1,true,1,Last Name,2
*
*Required Fields

Follow us on

Macdonald-Laurier Institute

323 Chapel Street, Suite #300
Ottawa, Ontario, K1N 7Z2 Canada

613.482.8327

info@macdonaldlaurier.ca
MLI directory

Support Us

Support the Macdonald-Laurier Institute to help ensure that Canada is one of the best governed countries in the world. Click below to learn more or become a sponsor.

Support Us

  • Inside Policy Magazine
  • Annual Reports
  • Jobs
  • Privacy Policy

© 2023 Macdonald-Laurier Institute. All Rights reserved.

This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies.

Privacy Preference Center

Consent Management

Necessary

Advertising

Analytics

Other

No Result
View All Result
  • Home
  • About
    • Who We Are
    • Who Makes MLI Work
    • Tenth Anniversary
  • Experts
    • Experts Directory
    • In Memoriam
  • Issues
    • Domestic Policy
      • Economic Policy
      • Justice
      • Rights and Freedoms
      • Assisted Suicide (MAID)
      • Health Care
      • COVID-19
      • Gender Identity
      • Canada’s Political Tradition
      • AI, Technology and Innovation
      • Media and Telecoms
      • Housing
      • Immigration
      • Agriculture and Agri-Food
      • Competition Policy
    • Energy Policy
      • Energy
      • Environment
    • Foreign Policy
      • Israel-Hamas War
      • Ukraine
      • Taiwan
      • China
      • Europe and Russia
      • Indo-Pacific
      • Middle East and North Africa
      • North America
      • Foreign Interference
      • National Defence
      • National Security
      • Foreign Affairs
    • Indigenous Affairs
  • Projects
    • CNAPS (Center for North American Prosperity and Security)
    • The Promised Land
    • Voices that Inspire: The Macdonald-Laurier Vancouver Speaker Series
    • Dragon at the Door
    • Canada on top of the world
    • Justice Report Card
    • The Great Energy Crisis
    • DisInfoWatch.org
    • Double Trouble
    • Digital Policy & Connectivity
    • Managing Indigenous Prosperity
    • Defending The Marketplace of Ideas
    • Reforming the University
    • Past Projects
      • Canada and the Indo-Pacific Initiative
      • The Transatlantic Program
      • COVID Misery Index
      • Speak for Ourselves
      • The Eavesdropping Dragon: Huawei
      • Talkin’ in the Free World with Mariam Memarsadeghi
      • An Intellectual Property Strategy for Canada
      • Munk Senior Fellows
      • A Mandate for Canada
      • Confederation Series
      • Fiscal Reform
      • The Canadian Century project
      • Fixing Canadian health care
      • Internal trade
      • From a mandate for change
      • Size of government in Canada
      • Straight Talk
      • Labour Market Report
      • Leading Economic Indicator
      • Centre for Advancing Canada’s Interests Abroad
      • Indigenous Prosperity at a Crossroads
  • Events
    • Upcoming Events
    • Past Events
      • MLI Dinners
      • Great Canadian Debates
  • Latest News
  • Inside Policy
  • Libraries
    • Columns
    • Commentary
    • Papers
    • Books
    • Video

© 2023 Macdonald-Laurier Institute. All Rights reserved.

Lightbox image placeholder

Previous Slide

Next Slide

Share

Facebook ShareTwitter ShareLinkedin SharePinterest ShareEmail Share

TwitterTwitter
Hide Tweet (admin)

Add this ID to the plugin's Hide Specific Tweets setting: