Canada intends to transfer the seized Russian assets to the restoration of Ukraine, Canadian Foreign Minister Melanie Joly said, CBC reports.
To do this, the Government of Canada will amend the Sanctions Act to allow for the redistribution of seized and sanctioned foreign assets to compensate victims or help rebuild a foreign nation after a war.
“Today, we are looking to not only arrest but also allow for the confiscation of the assets of individuals and entities under sanctions and compensate the proceeds of victims … These changes will make the Canadian sanctions regime the first in the G7 to allow such actions,” the statement said. Joly.
The text of the bill states that seized assets can be used to “restore a foreign state that has suffered as a result of a serious violation of international peace and security.” These funds can also be used to “restore international peace and security” and to compensate victims if that security is violated.
According to the CBC, the Ukrainian Embassy in Canada has already urged lawmakers to pass the Omidwar bill as soon as possible.
