Canadian Government Plans to Seize $26 Million of Ex-Chelsea Owner Roman Abramovich's Assets
The Canadian federal government is looking to target the assets of Roman Abramovich, a Russian oligarch, by invoking a law that allows it to confiscate assets.
Roman Abramovich Russian oligarch
The Canadian federal government is looking to target the assets of Roman Abramovich, a Russian oligarch who once owned Chelsea Football Club, by invoking a law that allows it to confiscate assets held by sanctioned people.
Foreign Affairs Minister Melanie Joly confirmed that Canada would attempt to retrieve $26 million from Granite Capital Holdings, Ltd., a firm owned by Abramovich who is also reported to be close to Vladimir Putin.
Joly added that she “will now consider making a court application” to confiscate the assets and will re-divert them to Ukraine. The proceeds would help the reconstruction of Ukraine following its war with Russia.
“From the beginning of the war, we have warned Putin and his enablers that they would not be able to hide from the consequences of their actions,” said Joly in the press release. “Impunity has never been an option and Canada will continue to pressure the Russian regime and those who have benefited from Putin’s barbaric invasion of Ukraine. As Ukrainians continue to fight valiantly to reclaim the land that is rightfully theirs, we reaffirm our commitment to stand with Ukraine for as long as it takes.”
This marks the first time a G7 country has implemented a measure like this against another country.
“Canada is the first G7 country to implement such measures, demonstrating its strong commitment to Ukraine, its reconstruction and holding accountable those who have profited from and supported President Putin’s regime,” the press release wrote.