Image by Alexander Miridonov / Kommersant
Roman Abramovich, a Russian oligarch who formerly owned Chelsea Football Club, is the target of a law that permits the Canadian federal government to seize assets held by individuals who have been sanctioned.
Canada will make an effort to recover $26 million from Granite Capital Holdings, Ltd., a company owned by Abramovich, who is also reportedly close to Vladimir Putin, according to Foreign Affairs Minister Melanie Joly.
Joly added that she “will now consider making a court application” to confiscate the assets and will re-divert them to Ukraine. The proceeds would help the reconstruction of Ukraine following its war with Russia.
“From the beginning of the war, we have warned Putin and his enablers that they would not be able to hide from the consequences of their actions,” said Joly in the press release. “Impunity has never been an option and Canada will continue to pressure the Russian regime and those who have benefited from Putin’s barbaric invasion of Ukraine. As Ukrainians continue to fight valiantly to reclaim the land that is rightfully theirs, we reaffirm our commitment to stand with Ukraine for as long as it takes.”
This is the first time a G7 nation has taken such action against another nation.
“Canada is the first G7 country to implement such measures, demonstrating its strong commitment to Ukraine, its reconstruction and holding accountable those who have profited from and supported President Putin’s regime,” the press release wrote.