Russia’s aggressive onslaught against Ukraine has created an escalating humanitarian crisis with over 2.3 million Ukrainians flee the country since the invasion began.
Canadian financial institutions have also taken a hit from the sanctions, with the Toronto Star reporting that Canadian banks and investment firms held stock to the tune of some $200 million in seven sanctioned Russian companies.
International Monetary Fund (IMF) managing director Kristalina Georgieva has indicated that the organization is likely to cut its global growth forecast as a result of the Russian invasion in Ukraine, even though she told CNBC that it still expects the world to be in “positive growth territory.”
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