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