Sergey Maltsev Removed from Russia Sanctions

Summary#

These final regulations remove Sergey Alexandrovich Maltsev from Schedule 1 of the Special Economic Measures (Russia) Regulations. The change took effect on February 2, 2024 (the day the regulation was registered).

What it does#

• Deletes the listing for Item 816 in Schedule 1 of the Special Economic Measures (Russia) Regulations.
• The government says the individual was originally listed on May 27, 2022, but new information showed he no longer met the criteria for being listed.

Who's affected#

• The main person affected is Sergey Alexandrovich Maltsev — he is no longer subject to the Canada-wide prohibitions tied to that listing.
• Canadians and Canadian businesses that previously would have been barred from dealing with him may now be able to interact with him.
• Global Affairs Canada and the Minister of Foreign Affairs are the government bodies that handled the delisting process.
• It is unclear whether any Canadian individuals or businesses actually had active dealings with the person; the government says such interactions are unlikely.

Why it matters#

• Being on the sanctions list meant a person was effectively subject to an asset freeze and banned from certain transactions and travel related to Canada. Removing a name lifts those specific prohibitions for that person.
• For most people and businesses this will have no noticeable effect unless they have (or planned) dealings with the individual.
• The change shows that Canada’s sanctions list can be reviewed and corrected when someone no longer meets the reasons for being listed.