Canada allowed the confiscation of Russian assets and their transfer to the reconstruction of Ukraine

The Canadian government will be allowed to confiscate and dispose of the assets of individuals and organizations that have been sanctioned by Russiaʼs invasion of Ukraine to use these funds to support Ukraine.

Source: Minister of Finance of Canada Chrystia Freeland

“The law allows the Government of Canada to “take economic action against certain individuals in situations called for by an international organization or association of states of which Canada is a member, who have committed a gross violation of international peace and security, and have committed gross and systematic human rights violations, or large-scale corruption has taken place with the participation of a national or foreign state.”

These special economic measures provide for the identification and subsequent freezing of assets located in Canada, at the request of the Governor-General. According to the court decision, the frozen assets can be confiscated.

“We believe that it is really important to expand our legal powers because it will be very important to find money to rebuild Ukraine. And I can not name a more appropriate source of such funding than confiscated Russian assets.”

See also: Ukraine received a $ 773 million loan from Canada, -Ukraine’s Minister of Finance

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