Canada to attempt seizing assets of Russian oligarch Roman Abramovich – National

The federal government says it plans to target a Russian oligarch using a law to confiscate and divert assets held by people who have been sanctioned.

Foreign Affairs Minister Melanie Joly says Canada will try to seize and forfeit US$26 million, or about C$36 million, from a firm owned by Roman Abramovich.

Read more:

Exclusive: Alberta government seizes Calgary condos for Russian company sanctioned over Ukraine war

“Today we’re launching a process to seize and forfeit the assets of Roman Abromavich, who is a person that we’ve sanctioned,” she told reporters on Monday.

“The proceeds of his US$26 million account will be used to compensate victims and also participate in the reconstruction of Ukraine. We’re the first G7 country going ahead with this approach.”

Story continues below advertisement

Abramovich is close to Russian President Vladimir Putin and the former owner of Chelsea Football Club in England.

Joly’s office says she “will now consider making a court application” to seize these assets and divert them to the reconstruction of Ukraine — marking the first time the law has been used in this way.

Click to play video: 'Canada supports jailed Putin opponent amid new sanctions on Russians'

Canada supports jailed Putin opponent amid new sanctions on Russians

Parliament granted these powers in June and a recent poll found that Canadians widely support the idea.

Joly’s office expects to file the case this month.

“We will continue to isolate Russia economically, politically and diplomatically,” she said.

— With files from Global News’ Rachel Gilmore

&copy 2022 The Canadian Press

Source link

Denial of responsibility! galaxyconcerns is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Leave A Reply

Your email address will not be published.