Canada to confiscate $26 million from Abramovich for reconstruction of Ukraine
Roman Abramovich (Photo:REUTERS/Alexander Ermochenko)
Canada plans to seize $26 million from Granite Capital Holdings Ltd., the company of sanctioned Russian oligarch Roman Abramovich, and send it to support Ukraine, the press service of the Canadian government reported on Dec. 19.
The press service referred to a statement by Canadian Foreign Minister Melanie Joly on the confiscation of the assets.
This is the first time that Canada is using new powers that allow the government to confiscate the assets of certain persons, the press service noted.
The minister can apply to the courts for confiscation in favor of the state. In the case of confiscation, the received funds can be used to restore Ukraine and pay compensation to the victims of the Russian invasion.
“Since the beginning of the war, we have warned (Russian President Vladimir) Putin and his accessories that they will not be able to escape the consequences of their actions... Canada will continue to put pressure on the Russian regime and those who benefited from Putin’s barbaric invasion of Ukraine,” Joly said.
In June 2022, the Canadian Senate supported the passing of legislation allowing the confiscation of Russian assets. The Ukrainian Parliament (Verkhovna Rada) announced that the Canadian law would create the first precedent of such legislation in the world.
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