Tax & Trade Blog

As we have previously reported on here and here, Canada has continued to expand its economic sanctions on Russian nationals, following Russia’s invasion of Ukraine, targeting individuals and entities believed to be linked to the Russian regime.

Canada’s sanctions have been primarily imposed under the Special Economic Measures (Russia) Regulations (the “Russia Regulations”), the Special Economic Measure Act (“SEMA”), and through other similar regulations targeting persons in Belarus, Ukraine and most recently Moldova.  In total these sanctions include asset freezes and financial prohibitions, and even apply to certain listed persons set out in the Schedules within the regulations.  These lists change frequently, are hard to get off of, and have impacted more than 2,900 individuals and entities.

Further to our recent blogs here and here, Canada has announced even more measures to isolate Russia on the world stage.

Specifically, Canada joined other G7 nations to impose new Russian sanctions, announced in connection with the G7 Leaders’ Summit today in Hiroshima.

In short, over 70 new sanctions were announced, focussing on people viewed as “supporting Russia’s illegal military action and complicit in human rights violations”.  According to the Prime Minister’s Office, the sanctions target “17 individuals and 18 entities linked to Russian companies that provide military technology and know-how to Russia’s armed forces, family members of listed persons, and members of the Kremlin elite.”