On April 5, 2022, Canada further amended the Special Economic Measures (Russia) Regulations to prohibit the provision of all insurance, reinsurance, and underwriting services for aircraft, aviation and aerospace products either owned by, controlled by, registered to, chartered by, or operated by entities and individuals resident, incorporated, or domiciled in Russia. This amendment also listed an additional nine individuals as designated persons.
In a background News Release on April 4, 2022, Global Affairs Canada announced the new round of sanctions justification as follows:
What the world witnessed this weekend in Bucha is abhorrent. Canada will not stand by as the senseless murder of innocent civilians by Russian forces in Ukraine continues. We will not spare any effort to ensure that violations of international law in Ukraine are investigated and that perpetrators are held to account. Canada continues to work with its international partners to uphold the rules-based international order and push for a full investigation into the reports of war crimes in Bucha and elsewhere in Ukraine, including by the International Criminal Court (ICC).”
Our team will continue to monitor the sanctions measures related to Russia, Belarus, and Ukraine, providing updates that may impact Canadian business operations. The lawyers at Tereposky & DeRose LLP have significant experience in assisting clients with navigating the parameters of sanctions as well as the design and implementation of sanctions-related compliance programs, including policies, procedures, employee training, and internal control mechanisms. They also regularly assist both Canadian and international businesses, financial institutions, and individuals with internal investigations when “red flags” appear and provide advice on compliance in these areas. Where breaches have occurred, they have worked closely with their clients in making voluntary disclosures and in engaging with the ensuing investigations conducted by the RCMP and Global Affairs Canada.