On March 17, 2014, the Canadian Government announced that it intended to impose economic sanctions against Russia. That same day, the Special EconomicMeasures (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 April 28, 2014, the list of designated persons was expanded from 32 to 41 individuals. The updated list of designated persons is:
- Sergey Yur'yevich GLAZ'YEV
- Andrei KLISHAS
- Valentina Ivanovra MATVIYENKO
- Yelena Borisovna MIZULINA
- Dmitry Olegovich ROGOZIN
- Leonid Eduardovich SLUTSKIY
- Vladislav Yur'yevich SURKOV
- Viktor Alekseevich OZEROV
- Vladimir Michailovich DZHABAROV
- Nikolai Ivanovich RYZHKOV
- Evgeni Viktorovich BUSHMIN
- Aleksandr Borisovich TOTOONOV
- Oleg Evgenevich PANTELEEV
- Sergei Mikhailovich MIRONOV
- Sergei Vladimirovich ZHELEZNYAK
- Aleksandr Viktorovich VITKO
- Anatoliy Alekseevich SIDOROV
- Aleksandr GALKIN
- Arkadii Viktorovich BAHKIN
- Andrei Alexandrovich FURSENKO
- Alexei GROMOV
- Vitalii Nikitich IGNATENKO
- Sergei IVANOV
- Victor Petrovich IVANOV
- Vladimir Igorevich KOHZIN
- Yuri Valentinovich KOVALCHUK
- Mikhail Vitalevich MARGELOV
- Sergey Yevgenyevich NARYSHKIN
- Vladimir PLIGIN
- Igor Dmitrievich SERGUN
- Gennady TIMCHENKO
- Yury Viktorovich USHAKOV
- Vyaecheslav VOLODIN
- Dmitry KOZAK
- Aleksey PUSHKOV
- Alexander Mikhailovich BABAKOV
- Oleg Evgenyevich BELAVENTSEV
- Evgeniy Alexsevevich MOROV
- Vladimir Volfovich ZHIRINOVSKY
- Arkady ROTENBERG
- Boris ROTENBERG
On May 4, 2014 the list of designated entities was expanded from
3 to 19. The 19 prohibited
entities are now:
- Bank Rossiya
- ExpoBank
- RosEnergoBank
- Aquanika
- Avia Group LLC
- Avia Group Nord LLC
- CJSC Zest
- InvestCapitalBank
- JSB Sobinbank
- Sakhatrans LLC
- SMP Bank
- Stroygazmontazh
- Stroytransgaz Group
- Stroytransgaz Holding
- Stroytransgaz LLC
- Stroytransgaz OJSC
- Stroytransgaz-M LLC
- The Limited Liability Company Investment Company Abros
- 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.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.