The Canadian authorities have frozen both the funds in the accounts and those that participated in the transactions. Now the country is discussing a bill that will allow not only to block, but also to confiscate the assets of sanctioned persons
From the beginning of the Russian operation in Ukraine until June 7, Canada blocked 412.1 million Canadian dollars ($328.6 million) that were on Russian accounts or appeared in transactions involving persons included in the sanctions lists, according to the website of the Canadian police.
In particular, 123 million Canadian dollars ($98.1 million) were frozen accounts of Russians, another 289 million ($230.5 million) were blocked as part of transactions.
At the end of April, the Canadian Foreign Ministry announced that the country was planning to change the law in order to be able to sell the confiscated assets of those who were under sanctions. “We are looking for opportunities not only to freeze, but also to confiscate the assets of individuals and legal entities that fell under the sanctions in order to compensate victims with the proceeds,” — said Foreign Minister Mélanie Joly.
According to the National Post, movable and immovable property, as well as bank accounts and crypto wallets, may be affected by the amendments.
According to the CBC, the proposed amendments do not specify who exactly will receive the proceeds and whether they will be transferred to humanitarian organizations or directly to the Ukrainian government. The Ministry of Finance and the Foreign Ministry told the TV channel that the bill is now undergoing a legal assessment.
It is expected that the House of Commons will approve the bill by the end of June, CBC notes.
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After the start of the Russian military operation, Canada announced several sanctions packages. They included sanctions against individuals and legal entities, as well as export restrictions. The last expansion of the corresponding list took place on June 8: then sanctions were imposed on seven industries and 28 types of services, including the extraction of coal, crude oil, natural gas, and the production of petroleum products.
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