Canada imposes additional economic measures on Russia in response to Russia’s attack on Ukraine
Ottawa: Canada is imposing new sanctions in response to Russia’s invasion of Ukraine with an immediate effect.
The Special Economic Measures (Russia) Regulations and the Special Economic Measures (Ukraine) Regulations impose dealings prohibitions on listed persons. In most cases, these measures prohibit persons in Canada and Canadians outside Canada from engaging in any activity related to any property of these listed persons or providing financial or related services to them.
The new amendments impose restrictions on 31 individuals who are key members of President Putin’s inner circle, close contacts and family members of some individuals already sanctioned by Canada, and 27 key financial institutions. Additionally, the measures impose restrictions against 4 Ukrainian individuals who are pro-Russian agents of disinformation.
These amendments also impose a dealings ban on the non-government controlled areas of Donetsk and Luhansk, which will effectively prohibit Canadians from engaging in specific transactions and activities in these regions. In addition, the amendments will include 351 members of the Russian State Duma who voted for the decision to recognize the independence of the so-called DNR and LNR, as well as new prohibitions in the area of sovereign debt, specifically prohibiting direct or indirect dealings with three central Russian entities, and impose sanctions on two significant financial entities. It is now prohibited for any person in Canada and any Canadian outside Canada to directly or indirectly transact in, provide financing for or otherwise deal in new Russian debt.
