Today: Wednesday, 17 April 2024 year

Canadian Senate approves sale of frozen Russian assets

Canadian Senate approves sale of frozen Russian assets

The upper house of the Parliament of Canada approved a bill that allows for the confiscation of the assets of sanctioned persons. According to police, Russian assets worth $328 million are blocked in the country.

The Senate of Canada (the country’s upper house of parliament) has approved a measure that allows the confiscation and sale of Russian assets frozen under sanctions due to the military operation in Ukraine.

The initiative is part of Prime Minister Justin Trudeau’s 450-page budget proposal. It also includes a two-year ban on the purchase of real estate by foreigners, changes to the country’s tax laws, the Criminal Code and immigration rules.

56 senators voted for the adoption of the document, 16 voted against. Once adopted by Parliament, it must be approved by the Governor-General.

The preparation of a bill that would allow the authorities to sell the confiscated assets of those who fell under sanctions was announced at the end of April by Canadian Foreign Minister Melanie Joly. Movable and immovable property, bank accounts and cryptocurrency wallets will fall under its action. The decision will need to be approved by the Supreme Court of Canada, which will determine whether the property is actually owned, held or controlled “directly or indirectly” by the person, entity or state under sanctions.

The text of the bill states that seized assets can be used to “restore a foreign state that has suffered as a result of a gross violation of international peace and security“; to “restore international peace and security” and to compensate the victims.

Joly noted that if the law is passed, Canada will become the first country in the G7 to take such a step in expanding the sanctions regime. The head of the Ministry of Finance, Chrystia Freeland, in turn, said that Ottawa considers “it is extremely necessary to find funds for the restoration of Ukraine.”