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Canada, Russia sanctions
On April 7, 2022, Canada’s government proposed widened powers to go after property of people targeted by sanctions against designated Russians, such as oligarchs and others linked to President Vladimir Putin.

The country wants to amend legislation, including the Special Economic Measures Act (SEMA) and the Justice for Victims of Corrupt Foreign Officials Act – “Magnitsky Act.” 

As explained by international law firm Dentons, the changes link to a broader definition of “property”, which now includes money, funds, and digital assets, among others, and the government’s power to not only seize foreign assets, but also allow for the forfeiture of these assets, which can then be redistributed as compensation to victims, restoration of international peace and security or to help in rebuilding a foreign state from war. 

The Canadian budget also outlines requirements for banks to provide lists of foreign assets frozen by Canadian government sanctions so that the government has an inventory of what has been seized.

The Dentons note added that Canada is reportedly deploying efforts to convince other countries in the Group of Seven major industrialized nations to adopt similar measures.