Russians Have Nothing in Canada Anymore

by Olha Povaliaieva
Friday, June 24, 2022
Russians Have Nothing in Canada Anymore

Canadian senate passes bill to confiscate sanctioned Russian assets

Bill C-19 was developed and initiated by prime minister Justin Trudeau and prescribes measures regarding the activities and assets of Russian assets and those who are directly guilty of Russia's war against Ukraine. The instruments of influence on the Russians include a ban on the purchase of housing, as well as the confiscation and transfer of already purchased housing to another state; confiscation and sale of assets to another state.

"The 450-page bill C-19 passed the upper chamber 56-to-16 without any changes, and will become law after Royal Ascent, a formality," Reuters.

 "In the case of Ukraine, this means that Canada will be able to confiscate Russian assets frozen on its territory and transfer them to Ukraine. This is the first precedent for strengthening such a mechanism in the legislation after the start of the war," the head of the office of the president of Ukraine Andrii Yermak.

It is known that this bill has long been under consideration by parliament, but the implementation of its structure was legally difficult.

"It lists over a dozen changes to the country's income tax laws which were described by the Senate's finance committee as "highly technical" and "seriously difficult for Canadians, including tax experts, to understand," Reuters.

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