43 Individuals Added to Russia Sanctions List

Summary#

These final regulations amend the Special Economic Measures (Russia) Regulations to add 43 people to Canada’s Russia sanctions list. The amendments came into force on September 29, 2022 and mean the named individuals face an effective asset freeze and bans on business with people in Canada.

What it does#

• Adds 43 individuals to Schedule 1 of the Special Economic Measures (Russia) Regulations.
• The people added are described as family members of already listed oligarchs, additional oligarchs, and financial elites.
• People and businesses in Canada (and Canadians abroad) are barred from dealing with the listed individuals’ property, entering transactions with them, providing services to them, or making goods available to them — in practice an asset freeze and a broad ban on business dealings.
• The change is presented as aligned with measures taken by partners such as the U.S., the U.K., and the EU.

Who's affected#

• The 43 named individuals listed in the Gazette. (Their full names are published in the Canada Gazette and on the Consolidated Canadian Autonomous Sanctions List.)
• Canadian financial institutions and banks, which must add the new names to monitoring systems and compliance checks.
• Businesses that might need special permits to do transactions otherwise banned; there may be minor additional administrative costs.
• Enforcement agencies such as the Royal Canadian Mounted Police and the Canada Border Services Agency, which are responsible for enforcing the sanctions.

Why it matters#

• Anyone with funds, property or business ties in Canada linked to the listed people can expect those assets and transactions to be blocked.
• For most Canadians this will have no direct effect, but it tightens pressure on people close to Russia’s political and financial elite as part of Canada’s response to Russia’s invasion of Ukraine (which began on February 24, 2022).
• Breaking the rules can lead to penalties: a fine of up to $25,000 and up to one year in jail on summary conviction, or up to five years on indictment.