Ottawa’s Failure to Seize Russian Oligarch Assets Sparks Debate
Two years after Canada announced the unprecedented seizure of US$26 million from sanctioned Russian oligarch Roman Abramovich, the government has yet to initiate legal proceedings for forfeiture. This delay stems from complexities in proving direct ownership, potentially necessitating compensation to Abramovich under a 1991 investment protection agreement. The government’s cautious approach, considered a landmark case with international implications, contrasts with other G7 nations’ methods of utilizing frozen Russian assets to aid Ukraine. Despite freezing roughly $140 million in Russian assets, including a large cargo plane, legal hurdles and disputes hinder their transfer to Ukraine.
John Q. Hosedrinker