CANADA PLANS TO GIVE ITSELF AUTHORITY TO TURN OVER SANCTIONED RUSSIAN ASSETS TO UKRAINE

Apr 27, 2022

By Bob Komsic

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The Trudeau government intends to give itself the ability to sell off assets seized under sanctions law, and then give them to affected victims or pay for the rebuilding of countries like Ukraine.
This may mean that funds or property seized from Russia could be paid out to compensate Ukrainians or help with the reconstruction of their country.
”We are seeking the capacity to not only seize but to allow for the forfeiture of the assets of sanctioned individuals and entities and to allow us to compensate victims with proceeds,” Foreign Affairs Minister Melanie Joly says.
She points out because many Russians have assets in Europe and the U.S., the federal government is looking to persuade it G-7 allies to consider doing the same.
Joly could not provide a figure but says the assets of Russian oligarchs in Canada are substantial.
Ottawa has sanctioned more than 1,100 individuals and entities in connection with the war against Ukraine.
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