ANNOUNCEMENT 31 May 2022

In May 2022, the government of Canada imposed further sanctions against 4 Russian financial enterprises in response to Russia's invasion of Ukraine. 

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

Global Affairs Canada. News Release "Canada imposes additional sanctions to exert further pressure on Russian regime". 31/05/2022. Available at: https://www.canada.ca/en/global-affairs/news/2022/05/canada-imposes-additional-sanctions-to-exert-further-pressure-on-russian-regime.html

Government of Canada. Regulations Amending the Special Economic Measures (Russia) Regulations (SOR/2022-117). 31/05/2022. Available at: https://www.international.gc.ca/world-monde/international_relations-relations_internationales/sanctions/russia_regulations-reglement_russie19.aspx?lang=eng

Inception date: 31 May 2022 | Removal date: open ended

Controls on commercial transactions and investment instruments

On 31 May 2022, the government of Canada promulgated Regulations Amending the Special Economic Measures (Russia) Regulations (SOR/2022-117), introducing new sanctions against 4 commercial Russian entities by adding them in part 2 of the Schedule 1 of Special Economic Measures (Russia) Regulations. The restrictions are introduced in response to Russia's invasion of Ukraine. 

The new restrictions impose a dealings prohibition as well as an asset freeze on the target companies. Among the sanctioned entities are the Management Company of the Russian Direct Investment Fund JSC, RVC Management Company LLC, Russian Agricultural Bank JSC, and Investtradebank JSC. The two former companies are the management companies of Russian state-owned investment funds, whereas the two latter are commercial banks. 

In addition to the sanctions against 4 enterprises, the government of Canada imposed restrictions on 22 individuals, including the representatives of Russian financial institutions and their family members. 

In this context, Melanie Joly, Canada's Minister of Foreign Affairs, said: "For every action taken by President Putin to undermine Ukraine’s territorial integrity, Canada will not hesitate to take appropriate countermeasures. Canada will relentlessly pursue accountability for the Russian regime’s unjustifiable acts. We stand with Ukraine and its people". 

The measure is part of the sanctions introduced by Canada against Russia and Belarus in response to the Ukraine invasion (see related state acts).

AFFECTED SECTORS

 
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AFFECTED PRODUCTS

 
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