- November 25, 2022
- Posted by: admin
- Categories: Facts, News
On November 22, 2022, Canada announced further amendments to the Special Economic Measures (Belarus) Regulations (the “Regulations”) in response to the Belarusian regime’s role in “facilitating and enabling Russia’s illegal invasion and attempted annexation of Ukrainian territory”. These amendments list an additional twenty-two individuals and sixteen entities under Schedule 1 of the Regulations and took effect on November 17, 2022.
There are now over 150 parties listed under Schedule 1 of the Regulations. Among the newly listed parties are senior Belarusian officials and companies complicit in “the stationing and transport of Russian military personnel and equipment involved in the invasion of Ukraine”.
Generally speaking, listing under Schedule 1 of the Regulations imposes a dealings prohibition, effectively an asset freeze, against the listed person. The Regulations prohibit any person in Canada or any Canadian outside Canada from:
- dealing in property, wherever situated, that is owned, held or controlled by listed persons or a person acting on behalf of a listed person in Schedule 1;
- entering into or facilitating any transaction related to such a dealing;
- providing any financial or related services in respect of such a dealing;
- making available any goods, wherever situated, to a listed person in Schedule 1 or a person acting on behalf of a listed person; and
- making available any property or providing any financial or other related services to or for the benefit of a listed person in Schedule 1.
The Government of Canada has now issued five sets of amending regulations since the beginning of this year in response to the Belarusian regime’s role in “enabling the Russian regime’s human rights violations in [Ukraine] and for contributing to the pain and suffering of millions around the globe that has resulted from President Putin’s weaponization of food and energy”.
Businesses should continually assess their sanctions compliance in this shifting legal landscape. Regulations enacted under the Special Economic Measures Act obligate persons in Canada and Canadian citizens to disclose certain property held by Schedule 1 parties and any related transactional information to the RCMP. Additionally, certain entities have a continuing duty to determine and disclose certain property of Schedule 1 parties.
