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IPFS News Link • Canada

Joe Oliver: Being Russian and rich shouldn't cost you your property

• https://financialpost.com, Joe Oliver

This is not going to be a popular article. I believe the Canadian government is wrong to try to confiscate $35 million in assets from sanctioned Russian oligarch Roman Abramovich. There are legal precedents for extracting war reparations from an offending state actor, but not for expropriating the assets of individuals without compensation or due process and absent proof of a crime or civil liability, as is the case here. Doing so would set a dangerous precedent and could easily have unintended consequences. Although 90 per cent of Canadians may well approve the seizure, that does not make it right.

To be clear, I unreservedly condemn Russia's illegal and unprovoked invasion of Ukraine and its terror bombing campaign. Vladimir Putin is clearly guilty of war crimes: attacks on civilians and infrastructure vital to their survival constitute crimes against humanity. Canada and our allies are right to support Ukraine in the heroic defence of its territory and sovereignty. Finally, I have no sympathy for oligarchs who acquired massive wealth by, in some cases, using political connections to purchase public-sector companies at significant discounts.

The government has seized the Canadian corporate assets Mr. Abramovich owned or controlled and will apply to a provincial court judge to have them forfeited as the assets of a sanctioned person so they can be used for reconstruction in Ukraine. Acting under legislation enacted last February, Canada so far is the only G7 country to take this step. US$26 million is small potatoes for someone worth $12 billion who has donated $2.5 billion to charity. On the other hand, there is more where that came from: Russian assets located outside Russia reportedly total $316 billion, which would cover a good part of the estimated $750 billion needed for Ukrainian rebuilding.


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