• Update on Canadian Economic Sanctions against Russia
  • July 10, 2014 | Authors: Vincent DeRose; Jennifer Radford
  • Law Firm: Borden Ladner Gervais LLP - Ottawa Office
  • On March 17, 2014, the Canadian Government announced that it intended to impose economic sanctions against Russia. That same day, the Special Economic Measures (Russia) Regulations (the “Russian Regulations”) came into force.

    The Russian Regulations impose an asset freeze on a list of designated persons and entities. Canada has stated that it believes there are reasonable grounds to believe that they are closely connected with the Government of Russia, or that they are individuals or entities engaged in activity that may contribute to the deployment of Russian armed forces to Crimea.

    On June 21, 2014, the list of designated person was expanded from 47 to 48 individuals. The updated list of designated persons is:

    1. Sergey Yur’yevich GLAZ’YEV
    2. Andrei KLISHAS
    3. Valentina Ivanovra MATVIYENKO
    4. Yelena Borisovna MIZULINA
    5. Dmitry Olegovich ROGOZIN
    6. Leonid Eduardovich SLUTSKIY
    7. Vladislav Yur’yevich SURKOV
    8. Viktor Alekseevich OZEROV
    9. Vladimir Michailovich DZHABAROV
    10. Nikolai Ivanovich RYZHKOV
    11. Evgeni Viktorovich BUSHMIN
    12. Aleksandr Borisovich TOTOONOV
    13. Oleg Evgenevich PANTELEEV
    14. Sergei Mikhailovich MIRONOV
    15. Sergei Vladimirovich ZHELEZNYAK
    16. Aleksandr Viktorovich VITKO
    17. Anatoliy Alekseevich SIDOROV
    18. Aleksandr GALKIN
    19. Arkadii Viktorovich BAHKIN
    20. Andrei Alexandrovich FURSENKO
    21. Alexei GROMOV
    22. Vitalii Nikitich IGNATENKO
    23. Sergei IVANOV
    24. Victor Petrovich IVANOV
    25. Vladimir Igorevich KOHZIN
    26. Yuri Valentinovich KOVALCHUK
    27. Mikhail Vitalevich MARGELOV
    28. Sergey Yevgenyevich NARYSHKIN
    29. Vladimir PLIGIN
    30. Igor Dmitrievich SERGUN
    31. Gennady TIMCHENKO
    32. Yury Viktorovich USHAKOV
    33. Vyaecheslav VOLODIN
    34. Dmitry KOZAK
    35. Aleksey PUSHKOV
    36. Alexander Mikhailovich BABAKOV
    37. Oleg Evgenyevich BELAVENTSEV
    38. Evgeniy Alexsevevich MOROV
    39. Vladimir Volfovich ZHIRINOVSKY
    40. Arkady ROTENBERG
    41. Boris ROTENBERG
    42. Valery Vasilevich GERASIMOV
    43. Igor GIRKIN (also known as Igor STRELKOV)
    44. Sergei Ivanovich MENYAILO
    45. Sergei Ivanovich NEVEROV
    46. Oleg Genrikhovich SAVELYEV
    47. Ludmila Ivanovna SHVETSOVA
    48. Vladimir SHAMANOV

    On May 4, 2014 the list of designated entities was expanded from 3 to 19. The 19 prohibited entities are now:

    1. Bank Rossiya
    2. ExpoBank
    3. RosEnergoBank
    4. Aquanika
    5. Avia Group LLC
    6. Avia Group Nord LLC
    7. CJSC Zest
    8. InvestCapitalBank
    9. JSB Sobinbank
    10. Sakhatrans LLC
    11. SMP Bank
    12. Stroygazmontazh
    13. Stroytransgaz Group
    14. Stroytransgaz Holding
    15. Stroytransgaz LLC
    16. Stroytransgaz OJSC
    17. Stroytransgaz-M LLC
    18. The Limited Liability Company Investment Company Abros
    19. Volga Group

    The Russian Regulations prohibit persons in Canada and Canadians abroad from:

    • Dealing in any property held by or on behalf of a designated person or entity, or facilitating or providing financial or other related services in respect of such a dealing;
    • Making any goods available to a designated person or entity; and,
    • Providing any financial or related services to or for the benefit of a designated person or entity.

    “Causing, assisting, or promoting” these prohibited activities is also not permitted.

    The further expansion of the list of designated persons and designated entities highlights how these economic sanctions are rapidly evolving and that ongoing vigilance with respect to developments is the prudent course for those conducting business in Russia, or with Russian business partners outside of Russia.