Earlier this week, the Canadian government announced it is updating the schedules of designated persons and entities to whom sanctions apply in respect of Russia and Ukraine.

As we've previously stated, the sanctions generally prohibit Canadians and any person in Canada from, among other things (i) dealing in any property, wherever situated, held by or on behalf of a designated person; (ii) entering into or facilitating, directly or indirectly, any transaction related to a dealing referred to in paragraph (i); (iii) providing any financial or other related service in respect of a dealing referred to in paragraph (i); (iv) making any goods, wherever situated, available to a designated person; or (v) providing any financial or related service to or for the benefit of a designated person. The sanctions also require that various financial entities, including securities dealers and advisers, determine on a continuous basis whether they are in possession or control of property owned or controlled by or on behalf of a designated person.

For details on the Russia and Ukraine sanctions to date, see the website of Foreign Affairs, Trade and Development Canada.