BREAKING: Trudeau announces third round of sanctions, supports barring Russia from SWIFT banking system

The prime minister was joined by Deputy Prime Minister Chrystia Freeland, as well as National Defence Minister Anita Anand, Foreign Affairs Minister Mélanie Joly, Immigration, Refugees and Citizenship Minister Sean Fraser, and International Development Minister Harjit Sajjan.

"Today, Canada is announcing our third set of severe, coordinated sanctions," Trudeau said, including sanctions on Putin and "fellow architects of barbaric war, chief of staff and foreign minister Sergey Viktorovich Lavrov."

He said that Canada supports Russia's removal from the SWIFT payment system that will stop Russia from making financial transactions around the world, which will "exclud[e] Russian banks from swift will make it even more difficult for Putin to finance his brutalities," said Trudeau.

Canada will also levy additional sanctions on Belarus and its leaders for abetting Putin's invasion, which will include 57 individuals in addition to already existing sanctions on Lukashenko's regime, Trudeau said.

Trudeau said that Canada was ready to do its part to be "generous," and that the government will match every donation made to the Red Cross, up to $10 million , which will go "directly to supporting relief efforts."

This is in addition to the $50 million in infrastructure spending in Ukraine, and $620 million in sovereign loans made to Ukraine's government.

Trudeau also said that Canada has prepared for weeks in preparation to take in Ukrainian refugees, and commended the courage of Ukrainian President Volodymyr Zelensky.