By Canadian Press

Ottawa to attempt confiscating Russian oligarch assets, a first in sanctions regime

Dec 19, 2022 | 9:12 AM

OTTAWA — 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 Mélanie Joly says Canada will try to seize and forfeit US$26 million, or about C$36 million, from a firm owned by Roman Abramovich.

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.

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

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Joly’s office expects to file the case this month and says this would be the first time a G7 country has implemented such a measure.

This report by The Canadian Press was first published Dec. 19, 2022.

The Canadian Press

<!– Photo: 20221219101224-63a082e4b813ce24c1069212jpeg.jpg, Caption: Canada's Foreign Minister Melanie Joly attends the second day of the meeting of NATO Ministers of Foreign Affairs in Bucharest, Romania, Wednesday, Nov. 30, 2022. The Trudeau government says it will pursue its first attempt at using a law to confiscate and divert assets held by people whom Ottawa has sanctioned, targeting a Russian oligarch. THE CANADIAN PRESS/AP/Andreea Alexandru –>