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Canada starts seizure of Abramovich assets

Canada starts first process to seize and pursue the forfeiture of assets of sanctioned Russian oligarch

December 19, 2022 – Ottawa, Ontario – Global Affairs Canada

The Honourable Mélanie Joly, Minister of Foreign Affairs, today announced that Canada will seize and pursue the forfeiture of US $26 million from Granite Capital Holdings Ltd., a company owned by Roman Abramovich—a Russian oligarch sanctioned under the Special Economic Measures (Russia) Regulations. 

This is the first time that Canada is using its new authorities that allow the government to pursue the seizure of assets belonging to sanctioned persons. This means that Minister Joly will now consider making a court application to forfeit the asset permanently to the Crown. If forfeited, the proceeds that are generated will be able to be used for the reconstruction of Ukraine and compensation to victims of the Putin regime’s illegal and unjustifiable invasion.

Canada is the first G7 country to implement such measures, demonstrating its strong commitment to Ukraine, its reconstruction and holding accountable those who have profited from and supported President Putin’s regime.

Quote

“From the beginning of the war, we have warned Putin and his enablers that they would not be able to hide from the consequences of their actions. Impunity has never been an option and Canada will continue to pressure the Russian regime and those who have benefited from Putin’s barbaric invasion of Ukraine. As Ukrainians continue to fight valiantly to reclaim the land that is rightfully theirs, we reaffirm our commitment to stand with Ukraine for as long as it takes.”

Mélanie Joly, Minister of Foreign Affairs

“Putin’s oligarchs are complicit in Russia’s illegal and barbaric invasion of Ukraine. Canada will not be a haven for their ill-gotten gains, and today’s announcement demonstrates our determination to ensure that Russia’s elites pay the price for their support of Putin’s brutal regime. It is just and appropriate for Russian assets to be used to help rebuild Ukraine.”

The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance

Quick facts

  • Since Russia’s illegal occupation and attempted annexation of Crimea in 2014, Canada has imposed sanctions on more than 2,100 individuals and entities. Many of these sanctions have been undertaken in coordination with Canada’s allies and partners.
  • Since Russia’s further invasion of Ukraine on February 24, 2022, Canada has imposed sanctions on more than 1,500 additional individuals and entities from and in Russia, Ukraine and Belarus.

Categories: Asset Seizure Enforcement Actions Forfeiture Global Affairs Canada updates Oligarchs Russia sanctions

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