Unprecedented move could land government in legal battle
The Canadian government says it intends to seize US$26-million belonging to a company owned by Russian billionaire Roman Abramovich and then donate the proceeds to Ukraine to help Kyiv rebuild from Moscow’s military assault.
“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,” Ms. Joly said. Ms. Joly’s announcement came the same day The Globe and Mail reported that Canada has so far failed to levy sanctions on one of Russia’s richest oligarchs, who has strong ties to President Vladimir Putin and whose family owns a global gold-mining company that has an exploration project in Nunavut. Billionaire businessmanhas been blacklisted and subject to asset freezes by the United States, the European Union and Australia but has so far avoided being targeted by Ottawa.
“As Ukrainians continue to fight valiantly to reclaim the land that is rightfully theirs, we reaffirm our commitment to stand with Ukraine for as long as it takes.” An individual whose property is subject to seizure might also challenge the seizure before the Minister, or the law itself before a court on the basis that the legislation is beyond Ottawa’s jurisdiction given the division of powers in Canada between the federal government and provinces, she said.
The foreign investment promotion and protection agreement between Russia and Canada also grants protection in Canada for the investments of Russian nationals. The treaty calls for binding arbitration to settle disputes.
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