On April 8, 2022, Canada further amended the Special Economic Measures (Russia) Regulations to list an additional 33 entities that it has identified in Russia’s defence sector.
In a related News Release, the Honourable Mélanie Joly, Minister of Foreign Affairs, announced that Canada is adding these entities to the designated list under the Regulations on the grounds that they “have provided indirect or direct support to the Russian military and are therefore complicit in the pain and suffering stemming from Vladimir Putin’s senseless war in Ukraine.”
These measures result in the Regulations assets freezes and prohibitions now being applicable to these additional 33 entities. Since February 24, 2022, Canada has rapidly imposed sanctions upon over 700 individuals and entities from Russia, Ukraine, and Belarus.
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.