Canada Explores Transfer of Frozen Russian Assets to Ukraine

by Olha Povaliaieva
Wednesday, April 27, 2022
Canada Explores Transfer of Frozen Russian Assets to Ukraine

On April 26, a head of the Canadian MFA spoke about plans for sanctioned assets of Russian citizens: they may be transferred to the restoration of Ukraine

According to the CBC news resource, the news about the arrest and confiscation of Russian assets was announced by the Canadian minister of foreign affairs, Melanie Joly.

"Today we are looking for the possibility of not only arrest, but also the confiscation of the assets of individuals and organizations under sanctions, and the provision of compensation to the victims," ​​Melanie Joly.

The explanatory note of the law says that the frozen assets can be effectively used "to restore a foreign state that has suffered as a result of a serious violation of international peace and security." A similar document was submitted to the upper house of the parliament of Canada by senator Ratna Omidvar. The embassy of Ukraine in Canada calls on the Senate to vote for the introduction of the bill into force, as this tool is able to "make the Russian kleptocratic regime pay in full for its crimes against Ukraine."

Today, already 2 G7 countries are considering the possibility of confiscation of sanctioned funds for the benefit of Ukraine. On March 28, US senators Michael Bennett and Rob Portman submitted to the senate a draft law Law on assistance to Ukraine, which prescribes the structure of the process of confiscation and transfer of assets to the injured party.

We remind you that on April 1, Ukraine adopted a law on the nationalization of property belonging to Russian legal entities and individuals. The law also applies to Ukrainians who support or publicly deny Russia's war against Ukraine.

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