New Russia Sanctions: 4 People, 29 Entities

Summary#

The final rule titled Regulations Amending the Special Economic Measures (Russia) Regulations adds new names to Canada’s Russia sanctions list. It places a broad ban on dealings with 4 individuals and 29 entities, and it took effect on August 22, 2023 (published in the Canada Gazette on September 13, 2023).

What it does#

• Adds 4 named individuals and 29 named entities to Schedule 1 of the Special Economic Measures (Russia) Regulations.
• Those listed are mainly connected to Russia’s military‑industrial complex, nuclear sector and financial system. Examples include banks such as Bank Uralsib PJSC and Bank Zenit PJSC.
• Imposes a general prohibition on dealing with the listed people and companies. That effectively freezes any property in Canada and bars transactions or services to them.
• Reinforces Canada’s alignment with allies on sanctions related to Russia’s invasion of Ukraine and concerns about the safety of nuclear facilities.
• Notes enforcement and penalties under the Special Economic Measures Act, including fines up to $25,000 or imprisonment up to 1 year on summary conviction, and up to 5 years on indictment.

Who's affected#

• The 4 named individuals and 29 named entities themselves.
• Canadian banks and financial institutions, which must update screening systems and block prohibited dealings.
• Businesses or people in Canada who were considering transactions with the newly listed companies or individuals.
• Enforcement agencies like the Royal Canadian Mounted Police and the Canada Border Services Agency, which are involved in implementation and enforcement.
• It is unclear from the notice whether everyday Canadians or small businesses will be directly affected; the government says links to Canada are likely limited.

Why it matters#

• The rule tightens economic pressure on parts of Russia’s defence, nuclear and financial sectors. This can reduce their access to funds and services in Canada.
• For Canadian banks and businesses, it means an immediate compliance task to block or avoid dealings with the newly listed names.
• Politically, it signals Canada’s continued support for Ukraine and coordination with allied countries on sanctions.
• The measures are intended to increase costs for actors seen as supporting Russia’s military actions and to address risks related to nuclear safety.