Update on Canada’s Economic Sanctions Against Ukraine and Russia

more+
less-

On July 24, 2014, Canada amended the Special Economic Measures (Ukraine) Regulations and Special Economic Measures (Russia) Regulations to expand the list of “designated persons” with whom Canadians are prohibited from engaging in business and financial dealings. The sanctions were also amended to prohibit new debt and equity financing transactions with designated entities in Russia.

The newly sanctioned individuals and entities are as follows:

Ukrainian Entities and Individuals

  • Donetsk People’s Republic, an armed separatist group.
  • Luhansk People’s Republic, an armed separatist group.
  • Vladimir Antyufeyev, Deputy Prime Minister of the Donetsk People’s Republic.
  • Marat Bashirov, Prime Minister of the Council of Ministers of the Luhansk People’s Republic.
  • Alexandr Yurivich Borodai, Prime Minister of the Donetsk People’s Republic.
  • Yuriy Ivakin, Minister of Internal Affairs of the Luhansk People’s Republic.
  • Alexandr Alexsandrovich Kalyussky, Deputy Prime Minister for Social Affairs of the Donetsk People’s Republic.
  • Aleksey Karyakin, Supreme Council Chair of the Luhansk People’s Republic.
  • Alexandr Khryakov, Information and Mass Communications Minister of the Donetsk People’s Republic.
  • Vasyl Nikitin, Vice Prime Minister of the Council of Ministers of the Luhansk People’s Republic.

Russian Entities

  • Almaz-Antey, a manufacturer of missile systems used by the Russian military.
  • Federal State Unitary Enterprise State Research and Production Enterprise Bazalt, a constructor of air launched ordnance, rocket propelled grenades, and armored fighting vehicle ammunition.
  • Gazprombank OAO, a Russian financial institution.
  • JSC Concern Radio-Electronic Technologies, a producer of electronic warfare equipment.
  • JSC Concern Sozvezdie, a producer of high-tech control and communication systems, radio electronic warfare and special equipment for military forces.
  • JSC MIC NPO Mashinostroyenia, a Russian rocketry company responsible for defense programs.
  • Kalashnikov Concern, Russia’s largest firearms producer.
  • Novatek, Russia’s largest independent natural gas producer.
  • Vnesheconombank, a Russian state-owned financial institution that acts as a development bank and payment agent for the Russian government.

Canada’s amendments largely correspond to the latest round of U.S. sanctions that were announced on July 19, 2014.

 

Topics:  Canada, Equity Financing, Russia, Sanctions, Ukraine

Published In: General Business Updates, Elections & Politics Updates, Finance & Banking Updates, International Trade Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Bennett Jones LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »