Ottawa is working on a new law that would provide the authority to expropriate sanctioned funds, the finance minister says
Canadian Finance Minister Chrystia Freeland said on Tuesday that the country is considering passing a law allowing the confiscation of sanctioned Russian assets.
“We hope that budget legislation will be adopted in the coming days. For the first time for Canada, it includes measures that will allow the confiscation of frozen and sanctioned assets,” Freeland told journalists. She added that the issue has been already discussed with the United States and other allies.
“It’s very important to find funds to rebuild Ukraine. And I can’t think of a better source of that funding than confiscated Russian assets,” she said.
Canada has imposed sanctions on more than 1,000 individuals and entities from and in Russia.
In April, Ottawa said it would change its legislation to give the government new authority to seize and sell the assets of sanctioned Russian individuals and give the proceeds to Ukraine.
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