Igor Makarov added to sanctions

Summary#

These final regulations add Igor Viktorovich Makarov to Canada’s sanctions list under the Special Economic Measures (Russia) Regulations. The listing, registered on August 4, 2023 and published in the Canada Gazette on August 16, 2023, blocks dealings with him and aims to freeze any assets connected to him in Canada.

What it does#

• Adds Igor Viktorovich Makarov to Schedule 1 of the Special Economic Measures (Russia) Regulations.
• Prohibits people in Canada and Canadians abroad from dealing in property of, providing services to, or making goods or funds available to him.
• Requires banks and financial institutions to screen for and block transactions involving him; his name will be added to the Consolidated Canadian Autonomous Sanctions List.
• Enforcement is carried out by the Royal Canadian Mounted Police and the Canada Border Services Agency. Penalties include a fine of up to $25,000 or imprisonment up to 1 year on summary conviction, or imprisonment up to 5 years on indictment.
• The amendments took effect on the day they were registered: August 4, 2023.

Who's affected#

• Igor Viktorovich Makarov (the person added to the list).
• Canadian banks and financial institutions, which must update their screening systems and block prohibited transactions.
• Canadian businesses or individuals who might have held assets for, or done business with, the listed person — although the government expects most Canadian entities have little or no direct dealings with him.
• Global Affairs Canada is the department that publishes and maintains the sanctions information and provides contact details for questions.
• Royal Canadian Mounted Police and Canada Border Services Agency, which enforce the rules.

Why it matters#

• It specifically aims to stop a wealthy Russian-connected individual from using the Canadian financial system to move or access assets.
• It is part of Canada’s broader effort, alongside allies, to pressure those seen as supporting Russia’s actions in Ukraine.
• For most Canadians the change will have little direct effect, but banks and some businesses may face small compliance tasks to ensure they do not deal with the listed person.
• The listing signals Canada’s ongoing diplomatic and economic response to the conflict in Ukraine.