On March 17, 2014 the Canadian government announced that it will be imposing economic sanctions against Russia.
The economic sanctions impose an asset freeze on a list of designated persons. Persons in Canada and Canadians abroad are now prohibited from:
- dealing in any property held by or on behalf of a designated person, or facilitating or providing financial or other related services in respect of such a dealing;
- making any goods available to a designated person; and
- providing any financial or related services to or for the benefit of a designated person.
If you currently conduct business in Russia, or with Russian business partners outside Russia, it will be necessary to implement incremental processes and procedures to ensure compliance with Canadian law.
Failure to do so could result in, at best, significant business disruptions and, at worst, a criminal conviction.
Canada currently imposes a range of economic sanctions against countries including Burma/Myanmar, Belarus, Iran, Iraq, Libya, North Korea and Ukraine. BLG’s export control and economic sanctions team regularly assists clients with crossborder transactions involving countries and persons subject to economic sanctions. In most cases, economic sanctions do not prevent the continuation of international business, so long as Canadians take the steps necessary to ensure compliance with the economic sanctions