Two years after Foreign Affairs Minister Mélanie Joly announced plans to confiscate millions of dollars from sanctioned Russian oligarch Roman Abramovich, no court action has been initiated to forfeit the assets or redirect them to Ukrainian reconstruction efforts — and it remains uncertain if the process will ever move forward.
In December 2022, the federal government froze $26 million USD in a Canadian bank account linked to Abramovich via the offshore Manticore Fund (Cayman) Ltd. This marked Canada’s unprecedented use of new legislation allowing asset confiscation based on sanctions. The funds were pledged toward Ukraine’s reconstruction and victim compensation stemming from Russia’s invasion. However, the necessary legal steps to seize the money remain unfulfilled.
Independent Senator Donna Dasko, involved in the sanctions file, has called for transparency, highlighting the prolonged delay. Global Affairs Canada has declined to provide details, citing privacy concerns, despite publicly announcing the freeze. Legal experts suggest the government may face challenges in proving ownership and control over the funds and could be constrained by international agreements, including the Canada-Russia investment-protection pact.
As Canada attempts this groundbreaking legal maneuver, other countries have taken different approaches, such as using profits from frozen assets for Ukraine, but without outright confiscation. Meanwhile, the Liberal government’s second high-profile seizure — a Russian cargo plane parked in Toronto — also faces legal disputes and logistical hurdles.
Advocates, including the Ukrainian Canadian Congress, have expressed frustration with the lack of progress, calling for action after years of government promises.
Source: Swifteradio.com
