On March 23, Canada amended its sanctions on Russia by designating 160 additional individuals under Schedule 1. The new individual designations consist of Russian officials who are members of the Russian Federation Council. With these nominations, all members of the Russian Federation Council are now nominated by Canada. This amendment also modifies the prohibitions applicable to designated persons by including in the prohibition the trading of any property owned or controlled by a designated person or the making available of any property to a person acting on behalf of a designated person.
As a result of these amendments, Schedule 1 designation generally imposes an asset freeze and a trading ban, subject to limited exceptions, which prohibits any person in Canada or any Canadian abroad from:
- Process any property, wherever it is, i.e. possessesdetained or controlled by or in the name of a designated person whose name is listed in Schedule 1
- Enter into or facilitate, directly or indirectly, any transaction related to such transaction
- Provide financial or other services related to such transaction
- Make available to any goods, wherever located, a designated person listed in Schedule 1 or to a person acting on their behalf; Where
- Provide any financial or related service to or for the benefit of a Designated Person listed in Schedule 1.
Due to ongoing developments in the region, Canada may announce and implement further measures in the coming days. We will publish additional articles as measures are officially announced.
An unofficial copy of the legislative amendments to the Special Economic Measures (Russia) Regulations effective March 23 are available on the Global Affairs website at here.
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