On 19 December 2014, the Government of Canada announced that it had expanded sanctions imposed in respect of actions undertaken by the Russian Federation and certain Russian and Ukrainian individuals in Ukraine.
The expanded sanctions are found in the Regulations Amending the Special Economic Measures (Russia) Regulations (the “Russia Regulations”) and the Regulations Amending the Special Economic Measures (Ukraine) Regulations, and:
- Impose asset freezes on a further 20 individuals, all of whom are already subject to EU sanctions;
- Include new restrictions on the export of technology required for Arctic oil exploration and extraction; and
- Further define existing prohibitions on the provision of debt and equity financing.