24 Aug 2022

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Canada Imposes New Round of Sanctions Targetting Russian Individuals and Defence Sector Entity

On August 19, 2022, Canada announced two rounds of sanctions targeting an additional 62 individuals it describes as “close associates of the Russian Regime complicit in Russia’s invasion of Ukraine.” Canada stated it has imposed sanctions on these individuals because they are “high-ranking Russian government officials, including Russian federal governors and regional heads, their family members, and senior officials of currently listed defence sector entities.”

On the same day, Canada also announced the sanctioning of a “Russian defence entity … for enabling and supporting Russia’s unprovoked and unjustifiable invasion of Ukraine.”

Our team will continue to monitor the sanctions measures related to Russia, providing updates to keep clients informed about important developments affecting trade and services. The lawyers at Tereposky & DeRose have significant experience in 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. We also regularly assist clients with the application for delisting process as well as applications for exemption permits.

Vince DeRose
613.237.8862
vderose@tradeisds.com

Jennifer Radford
613.237.9777
jradford@tradeisds.com

Peter Knowlton
613.237.4742
pknowlton@tradeisds.com