The federal government says it plans to target a Russian oligarch using a law to confiscate and divert assets held by people who have been sanctioned.
Foreign Affairs Minister Melanie Joly says Canada will try to seize and forfeit US$26 million, or about C$36 million, from a firm owned by Roman Abramovich.
“Today we’re launching a process to seize and forfeit the assets of Roman Abromavich, who is a person that we’ve sanctioned,” she told reporters on Monday.
“The proceeds of his US$26 million account will be used to compensate victims and also participate in the reconstruction of Ukraine. We’re the first G7 country going ahead with this approach.”
Abramovich is close to Russian President Vladimir Putin and the former owner of Chelsea Football Club in England.
Joly’s office says she “will now consider making a court application” to seize these assets and divert them to the reconstruction of Ukraine — marking the first time the law has been used in this way.
Parliament granted these powers in June and a recent poll found that Canadians widely support the idea.
Joly’s office expects to file the case this month.
“We will continue to isolate Russia economically, politically and diplomatically,” she said.
— With files from Global News’ Rachel Gilmore
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