Canada starts first process to seize and pursue the forfeiture of assets of sanctioned Russian oligarch

December 19, 2022 – Ottawa, Ontario – Global Affairs Canada

The Honourable Mélanie Joly, Minister of Foreign Affairs, today announced that Canada will seize and pursue the forfeiture of US $26 million from Granite Capital Holdings Ltd., a company owned by Roman Abramovich—a Russian oligarch sanctioned under the Special Economic Measures (Russia) Regulations.

This is the first time that Canada is using its new authorities that allow the government to pursue the seizure of assets belonging to sanctioned persons. This means that Minister Joly will now consider making a court application to forfeit the asset permanently to the Crown. If forfeited, the proceeds that are generated will be able to be used for the reconstruction of Ukraine and compensation to victims of the Putin regime’s illegal and unjustifiable invasion.

Canada is the first G7 country to implement such measures, demonstrating its strong commitment to Ukraine, its reconstruction and holding accountable those who have profited from and supported President Putin’s regime.