Ottawa has done nothing to actually seize millions from Russian oligarch
Two years after Foreign Affairs Minister Mélanie Joly announced plans to confiscate millions of dollars from a sanctioned Russian oligarch with assets in Canada, the government has yet to take concrete steps to forfeit the money. The move to seize $26 million US from a Canadian bank account linked to Roman Abramovich, a close ally of Russian President Vladimir Putin, was a groundbreaking decision by the Canadian government. The funds were intended to be used for the reconstruction of Ukraine and to compensate victims of the Russian invasion.
Despite the initial announcement in December 2022, the government has not initiated the court process required to confiscate the funds. Independent Senator Donna Dasko expressed concern over the lack of transparency surrounding the government’s efforts to seize the assets. Global Affairs Canada cited privacy concerns as the reason for not providing further information on the delay.
Legal experts have pointed out several challenges in confiscating the funds, including the difficulty in establishing direct ownership of the money and potential legal challenges from Abramovich. The government’s decision to take this unprecedented step has drawn scrutiny from other countries, who are closely monitoring Canada’s actions in this case.
In addition to the frozen funds, the Liberal government also ordered the seizure of an Antonov An-124 transport plane owned by Russian-based Volga-Dnepr Airlines. The aircraft has been grounded at Pearson Airport in Toronto for nearly three years, with the Ukrainian government expressing interest in taking possession of it. However, legal disputes and concerns about the plane’s airworthiness have stalled any transfer.
The lack of progress in confiscating Russian-owned assets has been disappointing to Ukrainian officials and advocates. Despite Canada’s commitment to supporting Ukraine through asset seizures, the delays and legal challenges have hindered the process. The government’s handling of these high-profile cases will have implications not only for Canada but also for other countries seeking to use sanctioned assets to aid Ukraine.
As the government continues to navigate the complexities of asset forfeiture in this unprecedented case, transparency and accountability will be key in ensuring that the funds ultimately reach their intended destination. The international community will be closely watching Canada’s actions as a precedent for future efforts to hold sanctioned individuals and entities accountable for their actions.
