As Russia's invasion of Ukraine enters its fourth day, Foreign Affairs Minister Mélanie Joly says Canada will make sure that Russia will "pay a price" for its military actions.

"Our goal, and I'll be very blunt, is to suffocate the Russian regime," she told CTV's Question Period, which aired at 11 a.m. EST on Sunday. "Our best way right now is to put maximum pressure on the economy."

Canada's "first round" of sanctions against Moscow were announced Tuesday, when a Russian invasion appeared to be imminent. These sanctions ban Canadians from buying Russian sovereign debt or having have any financial dealings in the separatist-controlled regions of Donetsk and Luhansk in Eastern Ukraine.

More sanctions were announced on Thursday, after Russia's attack began. These sanctions affect dozens of Russian oligarchs, banks, and the paramilitary organization Wagner Group. On Friday, a third round of sanctions was levied against Russian President Vladimir Putin and his Foreign Minister Sergei Lavrov.

"We are continuing by really looking at many, many options because we want to make sure that we're isolating Russia," Joly said.

On Saturday, Canada, the U.S., the U.K. and EU also agreed to cut off several Russian banks from the SWIFT payment system and place restrictions on US$600 billion in assets owned by Russia's central bank.

"It will isolate Russian banks. They won't be able to communicate with the other banks in the world. So, the impact of SWIFT is really important," Joly said. "Not only is it important, it is immediate, because when we put sanctions in place, we know that the impact of it takes a couple of weeks. But this is really, really immediate."

Aside from sanctions, Ukraine is asking for financial aid and weapons in order to defend itself against the Russians. Ukrainian President Volodymyr Zelensky has remained in Kyiv, rejecting U.S. offers to help him evacuate the capital and instead asking for "ammunition, not a ride."

So far, Canada has sent the Ukrainians $7 million worth of lethal aid. When asked about whether Canada would send in more arms, Joly said Minister of Defence Anita Anand is "looking at different options."

"We've already sent lethal weapons … they have been successfully delivered. But also … what I've been doing is making sure that we have a strong relationship with Poland, because any form of delivery needs to go through Poland," she said.

The Conservatives have called on the federal government to expel Russia's ambassador to Canada and recall Canada's ambassador to Russia. However, Joly said Canada will continue to maintain a diplomatic link with Moscow.

"I summoned the Russian ambassador, I looked at him in the eyes and I told him exactly what I thought was Canada's position. And at the same time, I've been in contact with our own ambassador to Russia," Joly said.

"We believe that it is important to keep a diplomatic link because there's hope with the Russian people themselves right now who are, bit by bit, understanding what is happening in Kyiv," she added.

Joly also said Canada is looking into potentially revoking the Canadian broadcast license for RT, a Russian state-controlled news channel that has long been described as a propaganda outlet for the Kremlin.

Earlier this month, German authorities banned the transmission of RT's German-language channel. Telecom regulators in the U.K. are also considering removing RT's broadcast license over concerns that the outlet would spread "harmful disinformation" about the conflict. YouTube and Facebook owner Meta have also blocked RT from monetizing off of their platforms.

"We're looking at RT. I've had many conversations with the Minister of Heritage Pablo Rodriguez. We know that RT has been banned in other countries, and that's why we're looking at many of our options," Joly said.

Correction:

A previous version of this story stated that Putin and Lavrov were sanctioned by Canada at the same time as dozens of other Russian entities, when they were in fact sanctioned one day later.