Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Canada targets Abramovich company for Ukraine sanctions seizure

Canada targets Abramovich company for Ukraine sanctions seizure

Government plans to seize US$26m from Granite Capital Holdings, owned by sanctioned former Chelsea FC owner
Canada plans to seize US$26m from a company owned by the sanctioned Russian oligarch Roman Abramovich, the federal government said on Monday.

The pursuit of Abramovich’s Granite Capital Holdings marks a first attempt by Ottawa to seize assets belonging to a sanctioned individual and reflects a broader strategy to punish Russia and its wealthy elite for the invasion of Ukraine.

Abramovich, the former owner of Chelsea football club, is a close ally of the Russian president, Vladimir Putin.

The foreign minister, Mélanie Joly, will now need to make a court application for the asset forfeiture. If the government is successful in its petition, the proceeds could be used for reconstruction in Ukraine and compensation of victims of Russia’s “illegal and unjustifiable” invasion, the government said, which marks the first time a G7 nation has implemented such a measure.

“From the beginning of the war, we have warned [Vladimir] Putin and his enablers that they would not be able to hide from the consequences of their actions,” Joly said in a statement. “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.”

Canada first passed a law in late spring allowing it to seize the assets of sanctioned oligarchs and their companies, but officials have since struggled to make use of the sweeping powers, largely due to the murky nature of how assets are held.

In October, recognizing the difficulties in effectively sanctioning both Russia and Iran, the government announced C$76m in funding for a new “dedicated bureau” to help the government target and seize assets with greater speed and accuracy.

Canada’s finance minister and deputy prime minister, Chrystia Freeland, said on Monday that Russia’s oligarchs, who command billion-dollar fortunes scattered throughout the globe, would face consequences for their support of Putin’s war.

“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,” she said in a statement.

Last week, Freeland announced it would use C$115m collected from a 35% tariff on Russian and Belarusian imports to help finance the rebuilding of Kyiv’s electrical grid, criticizing Russia from “attempting to use the cold as a weapon to break the spirit” of Ukrainians.

Since the invasion in late February, Canada has imposed sanctions on more than 1,500 individuals and entities from Russia, Ukraine and Belarus.
Newsletter

Related Articles

Budapest Post
Close
0:00
0:00
Turkish photographer Ugur Gallenkus portrays two different worlds within a single image. Brilliant work
Tennessee Bill Would Imprison People for 3 Years If They 'Lie' About Rape to Get an Abortion.
Charlie Munger, calls for a ban on cryptocurrencies in the US, following China's lead
Shell reports highest profits in 115 years
EU found a way to use frozen Russian funds
First generation unopened iPhone set to fetch more than $50,000 at auction.
WARNING GRAPHIC CONTENT - US Memphis Police murdering innocent Tyre Nichols
Almost 30% of professionals say they've tried ChatGPT at work
Interpol seeks woman who ran elaborate exam cheating scam in Singapore
What is ChatGPT?
Bill Gates is ‘very optimistic’ about the future: ‘Better to be born 20 years from now...than any time in the past’
China is opening up for foreign investors.
Tesla reported record profits and record revenues for 2022
Germany confirms it will provide Ukraine with Leopard 2 tanks
Prince Andrew and Virginia Giuffre Photo Is Fake: Ghislaine Maxwell
Opinion | Israel’s Supreme Court Claims a Veto on Democracy
Moonwalker Buzz Aldrin Gets Married On His 93rd Birthday
Who’s Threatening Israeli Democracy?
Federal Reserve Probes Goldman’s Consumer Business
China's first population drop in six decades
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
Hungary ready to sue EU over cuts to Erasmus funding
EU against democracy: Hungary's mail-in poll on Russia sanctions dismissed by Brussels
2023 - The Year of the Rabbit
Israelis rally in three cities against Netanyahu legal reforms
Tesla slashes prices globally by as much as 20 percent
Japan prosecutors indict man for ex-PM Shinzo Abe murder
1.4 Million Copies Of Prince Harry's Memoir 'Spare' Sold On 1st Day In UK
After Failing To Pay Office Rent, Twitter May Sell User Names
Lisa Marie Presley, singer and daughter of Elvis, dies aged 54
FIFA president questioned by prosecutors
Britain's Sunak breaks silence and admits using private healthcare
Dirty bomb fears as URANIUM is found in cargo at Heathrow
Hype and backlash as Harry's memoir goes on sale. Unnamed royal source says prince 'kidnapped by cult of psychotherapy and Meghan'
Saudi Arabia set to overtake India as fastest-growing major economy this year 
International medical experts speak out against COVID-19 restrictions on China
Google and Facebook’s dominance in digital ads challenged by rapid ascent of Amazon and TikTok
FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
TikTok CEO Plans to Meet European Union Regulators
France has banned the online sale of paracetamol until February, citing ongoing supply issues
Japan reportedly to give families 1 million yen per child to move out of Tokyo
Saudi Arabia’s female ambassadors: Who are the five women representing the Kingdom?
Hong Kong property brokerages slash payrolls in choppy market
U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX
Effect of EU sanctions on Moscow is ‘less than zero’ – Belgian MEP
Coinbase to Pay $100 Million in Settlement With New York Regulator
FTX assets worth $3.5bn held by Bahamas securities regulator
A Republican congressman-elect is under investigation in New York after he admitted he lied about his education and work experience.
Brazilian football legend Pele, arguably the greatest player ever, has died at the age of 82.
Hong Kong to scrap almost all its Covid rules
×