Statement on Russian Elites, Proxies, and Oligarchs Task Force results
February 24, 2023 - Ottawa, Canada - Department of Finance Canada
Since the beginning of Russia’s illegal full-scale invasion of Ukraine on February 24, 2022, Canada and our international partners have imposed severe, wide-reaching sanctions on individuals and entities in Russia, Belarus, and Ukraine who are complicit in Putin’s illegal war. This includes through the Russian Elites, Proxies, and Oligarchs Task Force (REPO), which is comprised of Canada, our G7 partners, the European Commission, and Australia.
In the year since Finance, Justice, Home Affairs, and Trade Ministers and European Commissioners launched the REPO Task Force, members have:
- Blocked or frozen more than $58 billion worth of sanctioned Russians’ assets in financial accounts and economic resources.
- Ensured that Russian Central Bank and National Wealth Fund assets remain immobilized, and cannot be used to support Russia’s war effort.
- Seized or frozen luxury real estate and other luxury assets owned, held, or controlled by sanctioned Russians, valued in the many billions of dollars.
- Seized, frozen, or detained yachts and other vessels owned, held, or controlled by sanctioned Russians, and conducted asset tracing activities to identify, locate, and seize yachts, aircraft, and other property located around the globe.
- Convened six multilateral meetings, consistently shared information, and taken collective action to restrict sanctioned Russians’ access to the global financial system, making it more difficult for Russia to procure technology necessary to sustain its unjust war in Ukraine.
- Worked collectively to investigate and counter Russian sanctions evasion, including attempts to hide or obfuscate assets, illicit cryptocurrency and money laundering schemes, illicit Russian defense procurement, and sanctioned Russians’ use of financial facilitators.
- Led and coordinated sanctions enforcement efforts with international partners, including in detecting and fighting sanctions evasion through joint outreach, notably conducted by senior leaders and officials of REPO members.
- Worked to update or expand and implement their respective legal frameworks that enable the freezing, seizure, forfeiture and/or disposal of assets.
- Effected the first forfeiture of assets of a sanctioned Russian, paving the way for the transfer of $5.4 million in funds as foreign assistance to Ukraine.
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Department of Finance Canada
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