Canada has not seized Abramovich's assets

On 22 January, it became known that Canada had still not fulfilled its promise to confiscate the assets of Russian oligarch Roman Abramovich, despite its stated intention to transfer these funds to Ukraine. 

Over the two years since the decision was made, no practical steps have been taken, and the question of whether the funds can be seized remains open.

According to CBC, two years ago, Canadian Foreign Minister Mélanie Joly announced the decision to confiscate US$26 million belonging to Abramovich and held in a Canadian bank account. According to Joly, these funds were to be directed towards the reconstruction of Ukraine and compensation for the victims of Russian aggression.

Abramovich, who owns a stake in a metallurgical company with plants in the Canadian prairies, was added to the sanctions list in early 2022, which served as the basis for the confiscation of his assets.

However, despite the promises, the Canadian Department of Foreign Affairs has not provided an explanation for the delay in implementing this decision. Clifford Sosnov, a lawyer at the international firm Fasken, noted that one of the key issues is establishing a direct link between Abramovich and the funds held in Canadian accounts, which is a complex process.

Furthermore, Abramovich may challenge the seizure of assets by relying on the investment protection agreement between Canada and Russia, signed in 1991. This agreement provides for compensation in cases of "expropriation" or "nationalisation" of Russian investments on Canadian territory.