July 21, 2024

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Canada confiscates assets of Russian oligarch Abramovich |  Ukraine and Russia war

Canada confiscates assets of Russian oligarch Abramovich | Ukraine and Russia war

On Monday, the Canadian government announced that it would begin the process of confiscating the assets of a company owned by the Russian oligarch Roman Abramovich, worth $26 million (more than 24 million euros). The confiscation is part of the sanctions imposed on Russia and its nationals after the attack in Ukraine.

Several Western countries have already confiscated yachts and frozen oligarch funds in order to put pressure on Russian President Vladimir Putin and his entourage. In a press release, the government said this is the first time Canada has taken such measures.

Home Secretary Melanie Joly will present her application for final forfeiture to the court. It is about the assets of the company Granite Capital Holdings, owned by the Russian billionaire. If the court approves the application for forfeiture, the entire amount forfeited will be used for the reconstruction of Ukraine.

“Putin’s rulers are complicit in Russia’s illegal and barbaric invasion of Ukraine,” said Chrystia Freeland, the deputy prime minister. “Canada will not become a haven for their illicit goods and today’s announcement demonstrates our determination to ensure that the Russian elite pays for the support they provide to Putin’s brutal regime.”

Canada is the second country, after the United Kingdom, to sanction Abramovich. The Russian is the former owner of the English football club Chelsea. The European Union also announced sanctions against Abramovich.

Since Russia’s invasion of Ukraine at the end of February, Canada has already imposed sanctions on more than 1,500 Russian citizens or businesses in Russia, Ukraine or Belarus.

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