Canada to attempt seizing assets of Russian oligarch Roman Abramovich

Canada Global (Web News) According to Melanie Joly, minister of foreign affairs, the federal government intends to target a Russian tycoon using a provision that allows it to seize and redirect assets held by sanctioned individuals.

According to a Monday statement from her office, Canada will attempt to seize and forfeit US$26 million, or roughly C$36 million, from Granite Capital Holdings Ltd., a business owned by Roman Abramovich.

Abramovich, a former owner of the English soccer team Chelsea, is connected to Russian President Vladimir Putin. He has a small ownership stake in Evraz, a global steel producer with operations in Calgary and Regina.

The first time the law has been applied in this manner, Joly’s office stated that she “would now explore making a court case” to take these assets and channel them to the reconstruction of Ukraine.

These authority were given by Parliament in June.

According to a poll conducted in November, most Canadians favour the notion.

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