Canada became the first Western country to legislate the possibility of using confiscated russian assets to support Ukraine. It is in the interests of the G-7, the EU and other countries to adopt similar legislation so that the russian federation pays for the reconstruction of Ukraine.
This was emphasized by Alexandra Chyczij, president of the Congress of Ukrainians in Canada.
“I am the president of the Canadian Congress of Ukrainians, which represents the interests of 1.5 million Ukrainian Canadians before the Canadian government. And I assure you that we are in touch with the ministers of the Canadian government every day and lobby the Ukrainian issue before them… We are lucky that the Ukrainian Chrystia Freeland holds the position of Prime Minister and Minister of Finance of Canada. And it was thanks to her that Canada became the first of the Western countries to legislate the possibility of using confiscated russian assets to support Ukraine, Alexandra Chyczij emphasized. – Canada is not the most attractive for russian money. Much more of these assets are located in other countries. But the important thing is that Canada has paved the way for others by its example.”
The president of the Congress of Ukrainians in Canada noted that it is in the interests of the Big Seven, the EU and other countries to adopt similar legislation so that the russian federation pays for the reconstruction of Ukraine.
“As Prime Minister Denys Shmyhal noted when he recently visited Canada, the funds for the reconstruction of Ukraine, when the war ends, should not be paid by taxpayers of either Canada or any other country. These are colossal funds, and the amounts will increase when the territories are de-occupied. Therefore, it is in the interests of the great Group of Seven, the EU and other countries to adopt similar legislation so that aggressors and war criminals pay for the reconstruction of Ukraine, she said. – On April 29, 2022, the Deputy Prime Minister of Canada adopted a law on the introduction of a new budget. This Act amended three Canadian sanctions laws. These amendments introduced mechanisms to seize russian assets. This is the law on special economic measures and justice for corrupt foreign officials, the so-called Magnitsky Act. In 2023, Canada implemented additional changes to strengthen the regime. These amendments will more clearly define the meaning of ownership and also include subsidiaries and affiliates of the businesses that will be sanctioned. In this way, Canada will be able to more clearly and effectively seize and confiscate the assets of subsidiaries and affiliates of sanctioned businesses. And also those who are the beneficial owners of such companies. What types of property can be frozen? These are real estate or private property, movable or immovable property, real and virtual assets, etc.
Alexandra Chyczij emphasized that two processes are envisaged within the framework of these procedures.
“The Prime Minister or the Governor and the Council can issue an order seizing and confiscating assets in Canada. Assets controlled directly or indirectly by a foreign country, or by any person in that country or a national of that country who is not a resident of Canada. Of course, we follow the clear procedures of the law, and so the law can be applied to the minister so that such property is excluded. Notice must also be given to any person who may have any interest or right or interest in the possession of such property. In addition, the Minister of Foreign Affairs may apply to the court under this Act to have such property confiscated in favor of the government. And in this case, the appropriate legal procedures and caveats also apply. Accordingly, such property can be used in the future for the reconstruction of a foreign country, for the restoration of international peace and security, and for compensation to the victims of aggression. In this context, the question still arises that there is still a lot of work to be done on how to work with assets that are immune,” said Ms. Alexandra.
In 2022, the Canadian government announced that it would use new legislation against russian oligarch Roman Abramovich.
“Canada intends to confiscate 26 million US dollars or 36 million Canadian dollars from a company owned by Abramovich. Abramovich is also part owner of Evraz, a multinational steel producer with a large plant in Saskatchewan and Alberta. The court statement is being prepared and it is necessary to find out whether Abramovich will really defend himself before this lawsuit and how vigorously he will defend himself. And until this legislation is tested in court, many questions remain unanswered.”
Also, during the speech, she expressed her condolences to the families who suffered today from the russian bombing and thanked all Ukrainians who bravely fight not only for their independence, but also for the freedom of the whole world.