43 individuals, 17 entities added to Russia sanctions

Summary#

These are final amendments to the Special Economic Measures (Russia) Regulations that add new names to Canada’s Russia sanctions list. The changes were registered on July 29, 2022 and published in the Canada Gazette on August 17, 2022.

What it does#

• Adds 43 individuals and 17 entities to Schedule 1 of the Special Economic Measures (Russia) Regulations. The new entries include military figures and organisations linked to Russia’s military and defence sector.
• Replaces one existing entry (item 838) with Anton Sergeyevich ANISIMOV to correct the list.
• Removes the date of birth for one previously listed individual to correct earlier information.
• The amendments began to apply on the day they were registered (so they took effect on July 29, 2022).
• The names will be added to the Consolidated Canadian Autonomous Sanctions List so financial institutions and others can identify them.

Who's affected#

• Listed individuals and entities: those newly named are directly subject to the sanctions.
• Canadian banks and financial institutions: must update screening systems and block or report prohibited dealings with listed names.
• Businesses and people in Canada — and Canadians abroad — who might otherwise do business with the named persons or entities: they are prohibited from dealing in their property or providing services.
• Enforcement and government bodies involved in sanctions: Global Affairs Canada, the Royal Canadian Mounted Police, and the Canada Border Services Agency are responsible for implementation and enforcement.

Why it matters#

• For the named people and organisations, the amendments mean an effective asset freeze and a ban on most dealings with people or businesses in Canada.
• For Canadian banks and firms, the change means checking and possibly blocking transactions involving the newly listed names, which can cause extra compliance work.
• The amendments are part of Canada’s response to the Russian invasion of Ukraine and are intended to impose costs on those seen as supporting or enabling Russia’s actions.
• The penalties for knowingly breaking the sanctions can include fines of up to $25,000, and prison terms of up to one year (summary conviction) or up to five years (on indictment).