Canada Announces New Economic Sanctions Against Russia
September 17, 2014
Today, Canada published a number of changes to its sanctions measures against Russia, which include asset freezes and travel bans against certain officials in the Russian Armed Forces and restrictions on dealing with additional Russian arms manufacturers and one financial institution. The measures also expand the existing debt restrictions applicable to dealings with certain listed Russian entities and target Sberbank, Russia’s largest lender with equity and debt financing restrictions. Russian entities have also been removed from Canada’s sanctions lists. These changes are effective as of September 16, 2014.
Canadians engaged in cross-border business activities should be updating their screening systems and compliance process and procedures to reflect these latest developments and ensure that they remain compliant with Canada’s economic sanctions regime.
An unofficial version of these most recent amendments Special Economic Measures (Russia) Regulations (Russia Regulations) can be found at www.international.gc.ca.More Designated Persons Under its economic sanctions regime, Canada has listed over 2,000 companies and individuals as “designated persons” with whom Canadian companies and individuals and persons in Canada are prohibited in engaging in a wide range of activities regardless of the country in which they arise.
In the case of Canada’s sanctions against Russia, there are broad prohibitions regarding dealings with companies and individuals listed under Schedule 1 of the Russia Regulations. These include prohibitions against:
- dealing in any property, wherever situated, held by or on behalf of a designated person;
- entering into or facilitating, directly or indirectly, any transaction related to such dealings;
- providing any financial or other related service in respect of such dealings;
- making any goods, wherever situated, available to a designated person; and
- providing any financial or related service to or for the benefit of a designated person.
- OJSC Dolgoprudny Research Production Enterprise (DNPP)
- JSC Kalinin Machine-Building Plant (MZiK)
- Mitischinskii Machine-Building Plant OAO (MMZ)
- V. Tikhomirov Scientific Research Institute of Instrument Design (NIIP); and
- Marine Scientific Research Institute of Radioelectronics “Altair” (MNIIRE “Altair”)
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