According to the bill, the Canadian authorities will be able to confiscate and sell mansions, apartments, yachts, planes and even accounts of sanctioned individuals and organizations
Melanie Joly
The Government of Canada intends to amend the legislation in order to be able to sell the confiscated assets of sanctioned persons, the local edition of the National Post reports.
“We are looking for opportunities not only to freeze, but also to confiscate the assets of authorized individuals and legal entities to allow us to pay compensation to victims with the proceeds,” Canadian Foreign Minister Melanie Joly said.
The Minister also noted that if the law is adopted, Canada will become the first country in the G7 to take such a step in expanding the sanctions regime.
According to the National Post, a wide range of assets will fall under the new law: in addition to movable and immovable property, these can be bank accounts and cryptocurrency wallets. The decision on the confiscation and sale of assets will have to be approved by the Supreme Court of Canada, which will determine whether the property is actually owned, held or controlled “directly or indirectly” by a person, organization or State under sanctions.
The bill has already been proposed for consideration by the House of Commons of the lower house of the Parliament of Canada. The existing laws of the country allow freezing assets and prohibiting transactions with the accounts of sanctioned individuals and companies.
Since the end of February, Canada has imposed several packages of sanctions against Russia. They touched upon representatives of the Russian authorities: members of the Security Council of Russia, ministers and senators; domestic banks, including Sberbank, VTB, Gazprombank, Alfa-Bank, etc.; companies Gazprom, Russian Railways, Gazpromneft, Transneft;, ALROSA, etc.; businessmen, including Boris Rotenberg, Evgeny Prigozhin, Roman Abramovich, Alisher Usmanov, Vladimir Potanin, etc.
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Ottawa also canceled all export permits for Russian companies, imposed restrictions against the Ministry of Finance, the National Welfare Fund and the Central Bank of Russia, with which, in particular, it banned its banks from conducting operations. In addition, the Canadian authorities have imposed a ban on the import of petroleum products from Russia.
Prime Minister Justin Trudeau noted that Canada will maintain economic sanctions against Russia until it “recognizes and agrees that it made a huge mistake and does not withdraw its soldiers from Ukrainian territory.”
The speaker of the Russian State Duma, Vyacheslav Volodin, pointed out that sanctions against Moscow are “illegal” and Western countries “will have to compensate” for the damage they have caused to the Russian economy. Kremlin spokesman Dmitry Peskov compared the seizure of the assets of businessmen from Russia with a robbery in the Wild West.
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