In this article, you will get all information regarding Canadian sanctions against Moscow | A first confiscation of Russian assets – OI Canadian

(Ottawa) Canada will freeze and confiscate US$26 million from Granite Capital Holdings, a company owned by Russian oligarch Roman Abramovich.


This will be the first time that the Canadian government has used the new powers it has given itself by adopting the Special Economic Measures (Russia) Regulations. It took several months to see a concrete example, the provision having entered into force last June.

The Minister of Foreign Affairs, Mélanie Joly, will have to submit a request to the court to permanently confiscate the property for the benefit of the Crown. If the assets are confiscated, the proceeds could be used to fund Ukraine’s reconstruction and compensate victims of Russia’s invasion.

“From the start of the war, we warned Putin and his accomplices that they could not escape the consequences of their actions,” said the head of Canadian diplomacy in a press release on Monday.


PHOTO ARCHIVE REUTERS

Roman Abramovich

The Trudeau government has given itself the power to freeze and confiscate the property and assets of sanctioned individuals thanks to new provisions contained in the federal budget of the Minister of Finance and Deputy Prime Minister, Chrystia Freeland, last April.

“Russia’s elites are paying the price for supporting Putin’s brutal regime. It is right and proper that Russian assets be used to help rebuild Ukraine, she said on Monday. It is right and proper that Russian assets should be used to help rebuild Ukraine. »

Canada was the first G7 country to adopt this type of measure.

Billionaire Roman Abramovich is on Ottawa’s sanctioned list. Former owner of Chelsea football club, he had decided to sell the team last March, being subject to sanctions from London. The club was sold for US$5.25 billion last May.

Granite Capital Holdings did not react to the Canadian government’s announcement.

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Canadian sanctions against Moscow | A first confiscation of Russian assets – OI Canadian

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