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SANCTIONS PIVOT: CANADA SEEKS FORFEITURE OF RUSSIAN-OWNED ASSETS TO FUND RECONSTRUCTION OF UKRAINE AND ADDS OIL PRICE-CAP RESTRICTIONS This is McMillan’s eighth update on Canadian sanctions since Russia’s illegal and unprovoked invasion of Ukraine. [1] We focus on Canada’s path-breaking forfeiture regime as well as its implementation of the G7 + Coalition price-cap mechanism for limiting sales of petroleum products from Russia. FIRST FORFEITURE PROCEEDING (a) Court application to forfeit funds owned by sanctioned Russian oligarch On December 21, 2022, the Governor-in-Council (“ Cabinet ”) ordered Citco Bank Canada to restrain US$26 million believed to be owned, held, or controlled by Roman Arkadyevich Abramovich, a Russian oligarch with ties to the Putin regime. Mr. Abramovich was added to Canada’s sanctions list in March 2022 and his Canadian property has been subject to an asset freeze and dealings prohibition since that time. [2] The funds in question are reportedly credited to a bank account held by Manticore Fund (Cayman) LTD and relate to Granite Capital Holdings Ltd. (“ Granite ”), [3] an entity owned by Mr. Abramovich. [4] This seizure order begins the process by which Mr. Abramovich’s assets may be forfeited to the Government, with the proceeds to be […]
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