On May 19, 2023, at the G7 Leaders’ Summit in Hiroshima, Japan, Prime Minister Justin Trudeau announced two new packages of sanctions under the Special Economic Measures (Russia) Regulations, effective retroactively as of May 18, 2023. These new sanctions are intended to “apply pressure on Russia to end its war of choice”.
The first set of amendments imposes new sanctions on 17 individuals and 18 entities “linked to Russian companies that provide military technology and know-how to Russia’s armed forces, family members of listed persons, and members of the Kremlin elite”.
The second set of amendments imposes new sanctions on 30 individuals and 8 entities “involved in Russia’s ongoing human rights violations, including the transfer and custody of Ukrainian children in Russia”.
These sanctions are taken as part of a coordinated effort with Canada’s G7 partners. In a joint statement, the G7 leaders stated they are “imposing further sanctions and measures to increase the costs to Russia and those who are supporting its war effort”.
Our team will continue to closely monitor the sanctions related to Russia, providing updates to keep clients informed about important developments affecting trade and services. We have significant experience in the design and implementation of sanctions-related compliance programs and internal investigations. Where breaches are identified, we work closely with 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, including under the Special Economic Measures (Russia) Permit Authorization Order.