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Canada loaning Ukraine $120M as tensions with Russia escalate.

Click to play video: 'U.S. urges Western ‘unity’ over threat of Russia invading Ukraine'

WATCH: U.S. urges Western 'unity' over threat of Russia invading Ukraine

The Canadian government is loaning up to $120 million to the Ukrainian government amid the ongoing crisis with neighbouring Russia.

Prime Minister Justin Trudeau made the announcement Friday morning, hours after the United States met with Russia to lower the temperature on the Ukrainian standoff.

“Russia is aiming to destabilize Ukraine, including economically. This loan will help support Ukraine’s economic resilience,” Trudeau said.

“We’re also exploring other options to provide financial and other supports … Again, Canada calls on Russia to deescalate and engage in meaningful dialog.”

Furthermore, Canada has also offered to provide a technical assistance grant of up to $6 million to support the implementation of the loan. Canadian and Ukrainian officials are already meeting to discuss the potential terms of the loan and a timeline for its implementation, officials said in a news release Friday.

“We have always been a friend to Ukraine, we will always be there with the necessary supports,” Trudeau added.

With an estimated 100,000 Russian troops massed near Ukraine, many nations fear Moscow is preparing an invasion although Russia denies that. The U.S, Canada and its allies are working to present a united front to prevent that or coordinate a tough response if they can’t.

More to come.

— with files from The Associated Press

© 2022 Global News, a division of Corus Entertainment Inc.

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