Canada Plans to Seize $26 Million from Abramovich's Company and Allocate It to Ukraine

Canada is preparing to seize and confiscate $26 million from Roman Abramovich's "Granite Capital Holdings," which has come under the country’s sanctions, as stated in a message posted on the government’s website.

The announcement was made by the country’s Foreign Minister Mélanie Joly. Ottawa intends to undertake such procedures for the first time, as current laws allow authorities to freeze the assets of sanctioned individuals.

Minister Joly is discussing a court motion for asset seizure that would allow the funds to be directed towards Ukraine's reconstruction.

The report indicates that Canada will be the first among G-7 countries to take such measures. The issue of confiscation, rather than just asset freezing, is also being discussed by other countries.

At the end of November, the European Commission proposed another solution, creating a structure for managing and investing frozen assets in Europe. "The damage inflicted on Ukraine is estimated at €600 billion. Russia and its oligarchs must compensate for the damages caused to Ukraine and cover the costs of the country’s reconstruction," the EU statement said.

It should be reminded that the European Union has imposed sanctions on several high-ranking Russian officials, military personnel, businessmen, and journalists.