Canada will be able to confiscate frozen Russian assets and transfer them to Ukraine

The Parliament of Canada has passed the relevant amendments to the law.

Canada will be able to confiscate Russian assets and transfer them to Ukraine / photo ua.depositphotos.com
Canada will be able to confiscate Russian assets and transfer them to Ukraine / photo ua. depositphotos.com

Canada will now be able to confiscate Russian assets frozen on its territory and transfer them to Ukraine.

This was announced by the head of the Office of the President Andriy Yermak on Twitter.

“The Parliament of Canada has adopted amendments to the Special Economic Measures Act, which provide for the confiscation by the Canadian state of foreign property and its transfer to another foreign state. In the case of Ukraine, this will mean that Canada will be able to confiscate the Russian assets now frozen on its territory and transfer them to Ukraine. This is the first precedent for fixing such a mechanism in the legislation after the start of the war!” Yermak emphasized.

(c)UNIAN 2022

3 comments

  1. Splendid news! This should be done ASAP and others should not waste time to follow suit.

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