Canadian Foreign Minister Mélanie Joly said Canada was the first G7 country to authorize such asset seizures and suggested its allies would follow suit.
“There is a weak link in (our) sanctions package, which is the government’s ability to sell the confiscated assets and then use the proceeds to compensate victims of the war in Ukraine,” Joly told reporters in Ottawa on Wednesday (4/27).
Joly added that the proposed changes to Canada’s sanctions regime. In this case, Canada formalized the budget implementation bill on Tuesday (26/4).
At the same time, Canada also announced it was imposing new sanctions on 203 individuals accused of involvement in Russian President Vladimir Putin’s efforts to annex territory in Ukraine’s eastern Donbass region.
“Canada will not stand idly by while President Putin and his cronies attempt to redraw Ukraine’s borders with impunity,” Joly continued.
Meanwhile, the Canadian Parliament has now begun debating the amount of assets confiscated and voting on proposed amendments.
They are expected to pass because Prime Minister Justin Trudeau’s minority Liberal government enjoys the support of the left-leaning New Democratic Party.
Under this rule, funds or property confiscated from Russia could be donated to help rebuild Ukraine or to people affected by the Russian invasion.
Local media reported that the value of assets seized from wealthy Russians could reach tens of millions of dollars in Canada, but authorities declined to confirm the exact figure.
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