As Russia continues its offensive against Ukraine, the Canadian government filed a motion today that would give the government the power to sell sanctioned and frozen assets of foreigners, which could be handed over to relevant victims or used to support rebuilding the war-torn country. If the bill passes, Canada will become the first G7 country to have this power.
Canada continues to intensify sanctions against Russia. If the bill is passed, it means that funds or property frozen and seized due to sanctions against Russia will be used to help rebuild Ukraine or compensate people who have been hurt by Russia’s military aggression.
Authorities in Ottawa will ask banks to provide a list of foreign assets that have been sanctioned and frozen by the federal government, so that the government can grasp the details of the seized assets.
“We want to have more power not only to seize the assets of sanctioned individuals and institutions, but also to use that assets to compensate victims,” Canadian Foreign Minister Mélanie Joly said in a statement.
Authorities in Ottawa believe the sanctions, which have already weakened Russia’s economy, will continue to put pressure on the Vladimir Putin regime at a heavy price to Russia.
Canada has sanctioned more than 1,100 Russian individuals and institutions since the outbreak of the Russian-Ukrainian war, with tens of millions of dollars in frozen Russian assets, a senior government official told the Globe and Mail.
The motion will be part of the government’s budget. The House of Representatives will debate and vote on the budget, which is expected to pass on a vote next month as the ruling Liberal Party and the opposition NDP have reached a cooperation agreement.
Canada’s Deputy Prime Minister and Finance Minister Chrystia Freeland floated the idea for the bill at the G7 finance ministers meeting last week and has spoken with U.S. House Speaker Nancy Pelosi and Ukrainian Prime Minister Shmigal (Denys Shmyhal) Discussion. Canada hopes other countries will follow suit.
Russian oligarch and former cycling champion Igor Makarov, fearing that his assets will be frozen by Canadian sanctions, has recently sold his investment in Canadian oil and gas company Spartan Delta Corp. ) shares.
The United States added Makarov to its sanctions list as early as 2018, while Canada only added him to its sanctions list on April 19 this year.
James Brander, a professor of international economics and public policy at the University of British Columbia in Canada, said: “While sanctions against individuals and institutions will not have much immediate impact on the situation, they have a symbolic value to express concern for Russia’s invasion of Ukraine. Anger can also have positive long-term effects.”
Responsible editor: Yu Weining
