Mélanie Joly, the Minister of Foreign Affairs of Canada noted on December 19, 2022, that the Canadian government would confiscate $26 million from Granite Capital Holdings Ltd., a company owned by sanctioned Russian oligarch Roman Abramovich.
Source: Mélanie Joly, the Minister of Foreign Affairs of Canada
Mélanie Joly noted that this is the first time when the Canadian government has used the new powers it received this summer to seize assets belonging to sanctioned individuals.
After the adoption of this decision, the head of the country’s Foreign Ministry will be able to submit to the court an application for the final confiscation of Abramovich’s assets. If the application is approved by the court, the confiscated funds can be used to restore Ukraine and compensate the victims of the illegal and unjustified invasion of Putin’s regime.
“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,” noted the Minister of Foreign Affairs of Canada.
Since Russia’s illegal occupation and attempted annexation of Crimea in 2014, Canada has imposed sanctions against more than 2,100 individuals and legal entities.
See also: Canada issued government bonds to support Ukraine in the amount of $500M
