As the Russian invasion of Ukraine enters its second week, Canada continues to intensify pressure on the Russian government and the supporters of its illegal invasion of Ukraine through additional rounds of economic sanctions. Previously implemented measures are addressed in our February 28, 2022 and March 2, 2022 client alerts.
Further additions of individuals and entities to the Russia sanctions
Since March 2, 2022, 32 entities and 25 individuals have been added to Schedule 1 of the Special Economic Measures (Russia) Regulations (the “Russia Regulations”) by means of amendments effective March 4, March 6, and March 10, 2022, As a result, Canadian companies and nationals are now prohibited from engaging in or facilitating a wide range of activities involving approximately 1,000 entities and individuals currently listed under Canada’s Russia and Ukraine-related sanctions.
The latest round of measures targeting Russian individuals include Oleg Deripaska, the founder of one of Russia’s largest industrial groups, and Roman Abramovich, another prominent oligarch who, among other things, owns 28.64% of the shares of Evraz PLC, a steel producer with a significant Canadian presence and number of active steel production sites in Western Canada. Abramovich and others were sanctioned “for their complicity in President Putin’s choice to invade a peaceful and sovereign country”. The newly listed entities, sanctioned for “their role in enabling or supporting President Putin’s unprovoked and unjustified invasion of Ukraine”, include a number of shipbuilding, aeronautics and other defence enterprises, as well as research institutions and government agencies including the Foreign Intelligence Service.Read more