TORONTO, December 23, 2022 – The Ukrainian Canadian Bar Association (UCBA) welcomes the recent announcement by Global Affairs Canada to pursue forfeiture of USD $26 million from Granite Capital Holdings Ltd., a company owned by Roman Abramovich, a Russian oligarch who is a designated individual under the Special Economic Measures Act, Canada’s sanctions legislation.
This marks the first time the Government of Canada will use its new asset forfeiture powers pursuant to the legal mechanism enacted on June 23, 2022, when Canada became the first G7 nation to expand its ability to forfeit assets owned or controlled by sanctioned individuals and entities.
Proceeds forfeited under the new asset forfeiture regime are to be applied for specific purposes including reconstruction of states and compensation for victims adversely effected by grave breaches of international peace and security.
“The UCBA welcomes Global Affairs’ recent announcement to start pursuing forfeiture of sanctioned Russian oligarch assets,” said Alesia Nahirny, UCBA Interim President and Chair of the UCBA Asset Recovery Working Group. “We welcome Canada’s leadership in the use of its new asset forfeiture powers to ensure forfeited assets are repurposed to aid Ukraine’s reconstruction efforts and to compensate Ukrainians who have been victims of Russia’s unjust war.”
UCBA Asset Recovery Working Group has been an advocate for Canada’s expanded use of its asset forfeiture powers and has liaised with Members of Parliament and the Senate as well as Canadian government agencies working on this initiative.
The UCBA is an association of legal professionals including lawyers, judges, paralegals and law students who are members of the Ukrainian Canadian community, with members from across Canada.
For media inquiries, please contact:
Interim President, Ukrainian Canadian Bar Association