The Special Economic Measures

On March 17, 2014, the Canadian Government announced that it intended to impose economic sanctions against Russia. That same day, the Special Economic Measures (Russia) Regulations (the “Russian Regulations”) came into force.

The Russian Regulations impose an asset freeze on  a list of designated persons and entities. Canada has stated that it believes there are reasonable grounds to believe that they are closely connected with the Government of Russia, or that they are individuals or entities engaged in activity that may contribute to the deployment of Russian armed forces to Crimea.

On June 21, 2014, the list of designated person was expanded from 47 to 48 individuals. The updated list of designated persons is:

1. Sergey Yur’yevich GLAZ’YEV
2. Andrei KLISHAS
3. Valentina Ivanovra MATVIYENKO
4. Yelena Borisovna MIZULINA
5. Dmitry Olegovich ROGOZIN
6. Leonid Eduardovich SLUTSKIY
7. Vladislav Yur’yevich SURKOV
8. Viktor Alekseevich OZEROV
9. Vladimir Michailovich DZHABAROV
10. Nikolai Ivanovich RYZHKOV
11. Evgeni Viktorovich BUSHMIN
12. Aleksandr Borisovich TOTOONOV
13. Oleg Evgenevich PANTELEEV
14. Sergei Mikhailovich MIRONOV
15. Sergei Vladimirovich ZHELEZNYAK
16. Aleksandr Viktorovich VITKO
17. Anatoliy Alekseevich SIDOROV
18. Aleksandr GALKIN
19. Arkadii Viktorovich BAHKIN
20. Andrei Alexandrovich FURSENKO
21. Alexei GROMOV
22. Vitalii Nikitich IGNATENKO
23. Sergei IVANOV
24. Victor Petrovich IVANOV
25. Vladimir Igorevich KOHZIN
26. Yuri Valentinovich KOVALCHUK
27. Mikhail Vitalevich MARGELOV
28. Sergey Yevgenyevich NARYSHKIN
29. Vladimir PLIGIN
30. Igor Dmitrievich SERGUN
31. Gennady TIMCHENKO
32. Yury Viktorovich USHAKOV
33. Vyaecheslav VOLODIN
34. Dmitry KOZAK
35. Aleksey PUSHKOV
36. Alexander Mikhailovich BABAKOV
37. Oleg Evgenyevich BELAVENTSEV
38. Evgeniy Alexsevevich MOROV
39. Vladimir Volfovich ZHIRINOVSKY
40. Arkady ROTENBERG
41. Boris ROTENBERG
42. Valery Vasilevich GERASIMOV
43. Igor GIRKIN (also known as Igor STRELKOV)
44. Sergei Ivanovich MENYAILO
45. Sergei Ivanovich NEVEROV
46. Oleg Genrikhovich SAVELYEV
47. Ludmila Ivanovna SHVETSOVA
48. Vladimir SHAMANOV

On May 4, 2014 the list of designated entities was expanded from 3 to 19. The 19 prohibited entities are now:

1. Bank Rossiya
2. Expobank
3. RosEnergoBank
4. Aquanika
5. Avia Group LLC
6. Avia Group Nord LLC
7. CJSC Zest
8. InvestCapitalBank
9. JSB Sobinbank
10. Sakhatrans LLC
11. SMP Bank
12. Stroygazmontazh
13. Stroytransgaz Group
14. Stroytransgaz Holding
15. Stroytransgaz LLC
16. Stroytransgaz OJSC
17. Stroytransgaz-M LLC
18. The Limited Liability Company Investment Company Abros
19. Volga Group

The Russian Regulations prohibit persons in Canada and Canadians abroad from:

  • Dealing in any property held by or on behalf of a designated person or entity, or facilitating or providing financial or other related services in respect of such a dealing;
  • Making any goods available to a designated person or entity; and,
  • Providing any financial or related services to or for the benefit of a designated person or entity.

“Causing, assisting, or promoting” these prohibited activities is also not permitted.

The further expansion of the list of designated persons and designated entities highlights how these economic sanctions are rapidly evolving and that ongoing vigilance with respect to developments is the prudent course for those conducting business in Russia, or with Russian business partners outside of Russia.

Economic Sanctions Contacts

 

Other Authors

Jennifer Radford
Vincent DeRose

Expertise

Litigation and Arbitration
International Trade Litigation and Arbitration
Defence and Security