Thursday, February 20, 2025

Canada’s Stalled Efforts to Seize Russian Oligarch’s Assets Raise Concerns

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Despite a bold 2022 announcement to confiscate $26 million USD tied to Russian oligarch Roman Abramovich and allocate it toward Ukrainian reconstruction, the Canadian government has yet to take concrete legal steps to seize the funds. The money, frozen in an offshore account with Citco Bank Canada, remains untouched two years after Foreign Affairs Minister Mélanie Joly pledged action, leaving questions about Ottawa’s ability to navigate the unprecedented process.

Abramovich, a close ally of Russian President Vladimir Putin and former owner of the Chelsea Football Club, was sanctioned by Canada in 2022. However, legal and procedural hurdles, including proving the funds’ direct connection to Abramovich and potential challenges under Canada-Russia investment agreements, have delayed progress. Experts warn that Canada risks compensating Abramovich if the case is mishandled.

Senator Donna Dasko and policy experts have criticized the lack of transparency and tangible results, noting that Canada’s pioneering move to seize and repurpose sanctioned assets is being closely watched by other nations. While the European Union and G7 countries have channeled profits from frozen Russian assets into Ukrainian aid, Canada’s approach remains stalled in the preliminary stages.

A similar delay affects the government’s attempt to confiscate a Russian-owned Antonov An-124 cargo plane, grounded at Toronto Pearson Airport since 2022. The aircraft, pledged to Ukraine, is entangled in legal disputes and accumulating substantial parking fees.

Ukrainian advocacy groups, including the Ukrainian Canadian Congress, have expressed frustration over Ottawa’s lack of progress. With $140 million CAD worth of Russian assets frozen in Canada, experts argue the government must expedite legal action to deliver on its promises of aiding Ukraine and deterring Russian aggression.

 

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