Value of frozen Russian assets, transactions rose by less than $1M after 2 more months of sanctions

Value of frozen Russian assets, transactions rose by less than $1M after 2 more months of sanctions
Value of frozen Russian assets, transactions rose by less than $1M after 2 more months of sanctions

Arabnews24.ca:Monday 15 August 2022 07:06 PM: The cumulative total value of Russian assets and transactions seized by Ottawa as part of its efforts to economically weaken the Vladimir Putin regime in response to its war on Ukraine increased by less than $1 million after two additional months of sanctions, according to updated figures released Monday by the RCMP.

Under the Special Economic Measures Act, everyone in Canada and all Canadians outside the country must inform the RCMP of any property in their possession or control that is believed to be owned or controlled by an individual or entity placed on Canada's sanctions list — which began after Russia's illegal invasion of Crimea in 2014

Although that act is administered and enforced by the minister of Foreign Affairs, the RCMP collects information on assets owned or controlled by designated individuals.

According to the RCMP's latest update, $413 million in Russian assets and transactions was blocked by Ottawa from Feb. 24 to Aug. 9. That's up from the $412.1 million reportedly seized as of June 7.

Since then, Canada has added more names to its list of sanctioned individuals.

It's not known how many individuals and entities on Canada's sanctions list actually hold assets in Canada.

Broken down by category

The value of assets went down a bit while the value of transactions rose only slightly, according to the statistics released by the RCMP.

From Feb. 24 to June 7, $123 million in Russian assets was seized. Two months later, the cumulative figure went down to $122.3 million.

Meanwhile, Ottawa blocked $289.1 million in Russian transactions from Feb. 24 to June 7 and by Aug. 9, that figure had increased to $290.7 million.

CBC News has reached out to the RCMP and to Global Affairs Canada to ask about any potential reporting errors, whether any assets have been unfrozen and whether any assets have been sold off since the RCMP reported the first figures in June.

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