Canada and much of the West have levelled economic sanctions against Russia, but the wealth of Russian billionaires can prove elusive.
“The Russian community is less prominent than some other diasporas in Vancouver and B.C.,” said Adam Ross, a corporate investigator and partner in the firm Templeton Research, “but I think the really important thing is that we can’t tell.”
The difficulty, however, is that the richer the oligarchs are, the more likely they have already moved their wealth outside of Russia’s major banks that are within the net of sanctions, Ross said. “It’s pretty easy for the government to identify properties held through a corporate , but if you have a close friend or associate hold it for you, it’s much harder for a third party to identify that person’s nominee,” Ross said.Article content
“If assets are located here and an individual is sanctioned, then a financial institution cannot deal with that individual,” German said.
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