Canada Seizes Roman Abramovich’s Company’s Funds

by Olha Povaliaieva
Tuesday, December 20, 2022
Canada Seizes Roman Abramovich’s Company’s Funds

The state will seize $26 mln "Granite Capital Holdings" Ltd and transfer them to help Ukraine

In accordance with the special economic measures, Canada sanctioned more than 2.100 Russian legal and physical persons from the Russian attack on Ukraine in 2014. From the date of Russia's full-scale invasion of Ukraine in 2022, another 1.500 individuals and entities from Russia, Belarus and Ukraine are involved in the ongoing war against Ukraine.

Canadian foreign minister Melanie Joly said that based on the special economic measures, Canada will seize $26 million of Granite Capital Holdings Ltd., which is owned by Roman Abramovich.

It is known that this is the first time that Canada has used its power to seize property and transfer it to the Crown. After confiscation through the court, the funds will be used to help Ukraine: the restoration of the economy/infrastructure, as well as compensation for the victims of the Russian war. Moreover, Canada became the first G7 country to apply these measures against Russian oligarchs.

"Impunity has never been an option and Canada will continue to pressure the Russian regime and those who have benefited from Putin's barbaric invasion of Ukraine. As Ukrainians continue to fight valiantly to reclaim the land that is rightfully theirs, we reaffirm our commitment to stand with Ukraine for as long as it takes," Mélanie Joly.

"Putin's oligarchs are complicit in Russia's illegal and barbaric invasion of Ukraine. Canada will not be a haven for their ill-gotten gains, and today's announcement demonstrates our determination to ensure that Russia's elites pay the price for their support of Putin's brutal regime. It is just and appropriate for Russian assets to be used to help rebuild Ukraine," Chrystia Freeland. We remind you that half-Ukrainian Chrystia Freeland is being considered for the post of the next secretary general of NATO.

At the same time, it is worth noting that at the very beginning of the war, before the consideration and implementation of sanctions against Russian oligarchs, Roman Abramovich announced the sale of Chelsea FC in order to help those who suffered from Putin's war. Also according to Bloomberg, Roman Abramovich, at the request of Zelenskyy, acted as an informal mediator in the negotiations between the Ukrainian and Russian sides.

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