Press Release: Senator Ratna Omidvar applauds the Canadian Government for seizing the assets of a sanctioned Russian Oligarch and using these assets to help Ukrainian war victims
OTTAWA—Senator Omidvar is very pleased to see that the Canadian government will seize and pursue the forfeiture of US $26 million from Granite Capital Holdings Ltd., a company owned by Roman Abramovich—a Russian oligarch sanctioned under the Special Economic Measures (Russia) Regulations – read more here. This is the first time that Canada will be pursing the seizure of assets belonging to sanctioned persons.
“As the original architect, along with the World Refugee and Migration Council, of repurposing sanctioned assets of corrupt officials, I am pleased that the government has taken this step,” said Senator Ratna Omidvar. “Russian elites have perpetuated a brutal war on Ukraine, and its people. Now it is time to make them pay. Russia needs to stop this senseless war, pay for their crimes, and make reparations to help rebuild Ukraine.”
In 2017, Canada adopted a version of the “Magnitsky Law”, which gives the government the ability to freeze the domestic assets of foreign nationals who have engaged in gross violations of human rights. A new measure was passed by Parliament in June 2022 as part of Bill C-19 that enhanced two of Canada’s sanction regimes, the Magnitsky Act, and the Special Economic Measures Act (SEMA). The enhancements are based on a bill introduced by Senator Omidvar called the Frozen Asset Repurposing Act (FARA). The new provisions in Bill C-19 allow the government to go beyond freezing the assets of corrupt foreign officials by confiscating and redirecting them to victims of persecution and oppression.
Senator Omidvar applauds the Government of Canada as the first G7 country to implement such measures to help support the reconstruction of Ukraine. The Government has taken bold action, and she hopes that other Western countries might be inspired to follow Canada’s lead.
For more information visit or contact:
Paul Faucette
Director of Parliamentary Affairs, The Honourable Ratna Omidvar
paul.faucette@sen.parl.gc.ca | Cell – 613-762-2887
| Themes |
| • Destruction of habitat • Displaced • International • Legal frameworks • National • Public programs and budgets • Reparations / restitution of rights |
