Canada Gambles Billions on Ukraine as Prime Minister Carney Stands With President Zelenskyy at a Make-or-Break Moment

Canada has escalated its role in the Ukraine war, announcing billions in new financial commitments as Prime Minister Mark Carney welcomed Ukrainian President Volodymyr Zelenskyy to Halifax.

The visit, Zelenskyy's second to Canada this year, comes at a critical stage of the conflict, with peace talks under way and Ukraine facing continued Russian attacks heading into another winter.

Ottawa framed the move as essential to sustaining Ukraine's economy and security at a moment officials describe as decisive.

The measures underline Canada's growing financial footprint in the war, shifting the focus from symbolism to hard economic leverage as the conflict grinds on.

Why This Visit Matters Now

The Halifax meeting took place as diplomatic activity intensified around potential pathways to a 'just and lasting peace'.

Canadian officials said the timing reflected the urgency of stabilising Ukraine's finances while negotiations remain fragile and the humanitarian toll continues to mount.

Carney and Zelenskyy held a bilateral meeting to discuss the latest developments in peace talks before joining a call with European leaders through the Coalition of the Willing.

The discussions focused on security, recovery and coordination among allies, according to the Prime Minister's Office.

Canada's New $2.5bn Commitment Explained

The centrepiece of the announcement was an additional £1.84 billion ($2.5 billion) commitment designed to unlock wider international support for Ukraine.

The package includes financing that will enable the International Monetary Fund to lend Ukraine up to £6.21 billion ($8.4 billion) under an extended financing programme.

Canada will also participate in an expanded debt service suspension worth up to £1.10 billion ($1.5 billion) across 2025 and 2026, easing pressure on Kyiv's public finances.

In addition, Ottawa is providing a loan guarantee of up to £961 million ($1.3 billion) in 2026 to the World Bank's International Bank for Reconstruction and Development to support reconstruction efforts.

A further loan guarantee of up to £238 million ($322 million) in 2026 will go to the European Bank for Reconstruction and Development, aimed at supporting Ukraine's gas imports and reinforcing its energy security during the winter months.

Canada's Expanding Role in the Ukraine War

Since Russia's full scale invasion, Canada has provided nearly £16.27 billion ($22 billion) in multifaceted assistance to Ukraine, including more than £8.8 billion ($12 billion) in direct financial support.

The scale of that contribution places Canada among the largest backers of Ukraine's recovery and reconstruction.

Officials argue that financial stability is now as critical as military aid, particularly as Ukraine seeks to maintain basic services, pay public sector wages and prepare for long term rebuilding while the war continues.

Military Support Already Under Way

Alongside the financial measures, Canada has continued to expand its military assistance. Earlier this month, Ottawa announced a £147.9 million ($200 million) package of critical military capabilities sourced from NATO's Prioritised Ukraine Requirements List.

Through Budget 2025, Canada committed an additional £25.8 million ($35 million) to NATO's Comprehensive Assistance Package for Ukraine.

This month also saw a further £36.9 million ($50 million) donation to the Drone Capability Coalition, building on a previous £27.3 million ($37 million) contribution to support Ukraine's unmanned systems forces.

What Ottawa Says is at Stake

In a statement released during the visit, Carney said Canada's commitment was rooted in shared values and long term security. 'Canada will stand with Ukraine throughout this horrific war and when peace finally comes,' he said, adding that the new support was intended not only to help end the conflict but also to assist Ukrainians in recovering and rebuilding.

The Halifax talks underscored how deeply Canada is now tied to Ukraine's financial and diplomatic future, as allied governments weigh how to sustain support while searching for an end to the war.