Canadian Foreign Minister Melanie Joly has announced that Canada will seize $26 million of Granite Capital Holdings Ltd. owned by Russian oligarch Roman Abramovich, who is under sanctions, and will seek confiscation.

This is the first time Canada has used a law that allows the government to confiscate assets belonging to sanctioned individuals, according to the Foreign Ministry’s website. It is noted that Minister Joly can now apply to the court for confiscation of assets in favour of Canada.

If confiscated, the proceeds could be used to rebuild Ukraine and compensate the victims of the Putin regime’s illegal and unjustified invasion.

Canadian Foreign Ministry press office

Canada was the first G7 country to apply such measures, demonstrating its strong commitment to Ukraine and its reconstruction and calling for accountability for those who profited from and supported President Putin’s regime.

Putin’s oligarchs are complicit in Russia’s illegal and barbaric invasion of Ukraine. Canada will not be a safe haven for their ill-gotten gains, and today’s statement demonstrates our determination to make the Russian elite pay the price for their support of Putin’s brutal regime. Using Russian assets to rebuild Ukraine is just and appropriate.

Canadian Deputy Prime Minister and Finance Minister Chrystia Freeland

Following Russia’s illegal occupation and attempted annexation of Crimea in 2014, Canada imposed sanctions on more than 2,100 individuals and entities. Since February 24, 2022, Canada has imposed sanctions on more than 1,500 additional individuals and entities from Russia, Ukraine and Belarus.