Update on the reporting of frozen assets under the Special Economic Measures Act - Russia Regulations

August 15, 2022
Ottawa, Ontario

Statement

The Minister of Foreign Affairs is responsible for the administration and enforcement of the Special Economic Measures Act (SEMA), as well as its regulations. Every person in Canada and all Canadians outside of Canada must disclose to the RCMP the existence of property in their possession or control that is believed to be owned or controlled by a designated person.

One of the RCMP's roles under SEMA is to collect information on assets owned or controlled by a designated person.

From February 24 to August 9, 2022, the RCMP reports that a total approximate CAD equivalent of $122,303,625.94 of assets in Canada have been effectively frozen and a total approximate CAD equivalent of $290,714,849.93 in financial transactions have been blocked as a result of the prohibitions in the SEMA Russia Regulations.

The RCMP continues to receive new information disclosed in accordance with SEMA, including amendments to previous disclosures. As such, the figures provided by the RCMP are subject to change.

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