Canada moves to seize Abramovich’s assets worth $26 million for rebuilding Ukraine

canada seizes roman abramovich assets russian oligarch sanctions rebuild ukraine

Canada moves to seize Roman Abramovich's assets worth $26 million that will help rebuild Ukraine/ Source: Censor.NET 

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European Pravda reports, referring to the statement by Canadian Foreign Minister Mélanie Joly, that the Canadian government has begun the process of seizing and confiscating the assets of Russian oligarch Roman Abramovich.

canada russia sanctions abramovich assets confiscation help rebuild ukraine

A statement by the Department of Foreign Affairs Canada on assets seizure and confiscation

The Canadian government intends to confiscate $26 million in assets seized from Russian oligarch Roman Abramovich due to sanctions. These funds will be used to help restore Ukraine.

It is the first time Canada has applied a law that allows court-ordered confiscation of assets under sanctions.

Abramovich’s Granite Capital Holdings Ltd. owns the sanctioned assets.

Canadian Minister of Foreign Affairs Mélanie Joly must petition the court to confiscate the asset in Canada’s favor permanently.

According to the statement, the confiscated funds could be used to rebuild Ukraine. Additionally, they will be used to compensate the victims of the illegal and unjustified invasion by the Putin regime.

The Foreign Ministry added, “Canada is the first G7 nation to introduce such measures, demonstrating its strong commitment to Ukraine, and its reconstruction, and bringing to justice those who profited from and supported President Putin’s regime.”

The law allowing this confiscation was passed in June. Still, its implementation has been complex. It is due to a need for more police resources to identify and seize sanctioned assets, according to Joly.

In October, the government announced C$76 million (approximately $55.6 million) to fund a new special bureau in Joly’s department to enforce sanctions and provide additional police support.

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