Beritasenator.com. Canada intends to arrest and seize $26 million from the sanctioned company Granite Capital Holdings owned by Russian billionaire Roman Abramovich, the Foreign Ministry announced on Monday.
Together with the EU and the UK, Canada imposed sanctions on Abramovich shortly after the conflict in Ukraine began in late February.
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This is the first time Ottawa will use its new law – the Special Economic Measures Ordinance – which allows the state government to seize the sanctioned assets of blacklisted individuals via a court order.
According to an official statement posted on the government’s website, Secretary of State Melanie Joly will now consider filing a court petition to seize Abramovich’s assets and return them “permanently to the Crown”.
If confiscated, the assets of the Russian billionaire and former owner of English football club Chelsea will be used to help rebuild Ukraine and compensate “victims of war”, the statement said.
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Canada will also be the first among the G7 countries to implement this measure. The law authorizing these confiscations was passed in June. In October, Canadian authorities announced an allocation of C$76 million ($55.6 million) to fund a new unit at Joly’s ministry dedicated to sanctions enforcement and additional support for the Royal Canadian Mounted Police. .
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