Canada Amends Laws to Seize Profits From Frozen Russian Assets for Ukraine

Ottawa has established a legal mechanism to transfer interest from immobilized Russian funds to Kyiv, as Ukraine continues to push for full confiscation of $300 billion in state assets. Make us preferred on Google Share Facebook X (Twitter) LinkedIn Bluesky Email Copy Copied The Canadian flag at Peace Arch Historical State Park on the US-Canadian border in Blaine, Washington, on March 5, 2025. (Photo by Jason Redmond / AFP) Content Share Facebook X (Twitter) LinkedIn Bluesky Email Copy Copied Flip Make us preferred on Google Canada has updated its legislation to allow for the seizure and transfer of profits generated from frozen Russian state assets to Ukraine, Ukrainian Presidential Advisor on Sanctions Policy Vladyslav Vlasiuk announced on Sunday, April 12, Radio Svoboda reported. The new legal framework enables Ottawa to collect earnings from immobilized Russian funds and redirect them to support Kyiv. While Vlasiuk noted that the total amount held in Canada is “not very large,” he emphasized that the precedent is a “significant and positive” step toward financial accountability for Moscow. Follow our coverage of the war on the @Kyivpost_official . The move comes as Ukraine continues to advocate for the total confiscation of approximately $300 billion in Russian sovereign assets frozen globally. Currently, Western partners utilize a compromise model where assets remain frozen while Ukraine receives loans – such as the €90 billion ($106 billion) package agreed upon in Brussels – backed by future profits from those assets. “In our view, this is not the optimal solution, but at least the money is there,” Vlasiuk told reporters during a briefing. He added that the implementation of this model has faced delays due to opposition from specific countries, including Hungary . The major share of frozen Russian funds is located in Europe , with nearly €190 billion ($224 billion) held at the Euroclear depository in Belgium. Significant sums are also immobilized in the UK (€30 billion) and France (€19 billion). On April 1, the European Union transferred a €1.4 billion ($1.5 billion) tranche of profits to Kyiv , with 95% allocated to servicing international loans and 5% directed toward military needs. Other Topics of Interest Estonia Refrains From Seizing Russian ‘Shadow Fleet’ Citing Escalation Risk Tallinn’s navy warned that detaining sanctioned tankers could lead to military confrontation with Moscow, as Russia maintains armed patrols in the Gulf of Finland. Vlasiuk confirmed that legal work is ongoing with partners, particularly Belgium, to build broader support for a full confiscation mechanism. However, he warned that the process of securing the principal assets could take several years. For Ukraine, these funds are increasingly vital as the war enters its fifth year and the domestic economy remains under immense pressure. Kyiv Post is Ukraine’s first and oldest English news organization since 1995. Its international market reach of 97% outside of Ukraine makes it truly Ukraine’s Global – and most reliable – Voice.