New Canadian Sanctions Against Crimea Region

On January 29, 2020, the Government of Canada imposed additional sanctions under the Special Economic Measures Act (SEMA) to target specified individuals in connection with recent elections held in the Crimea region. According to Global Affairs Canada, the individuals are targeted for their role in organizing and facilitating the elections, which Canada does not recognize as legitimate.

The Government of Canada has authority under SEMA to impose sanctions on foreign jurisdictions and persons where the government is of the opinion that a grave breach of international peace and security has occurred that is likely to result in a serious international crisis. These most recent sanctions are set out in the Special Economic Measures (Ukraine) Regulations made under SEMA. The sanctions measures targeting the Crimea region encompass one of the broadest prohibitions under Canadian sanctions legislation and restrict Canadian-incorporated entities, Canadian citizens and other persons in Canada from:

• Making any investments that involve the property of the Russian-controlled Crimea region or individuals or entities in the region

• Providing or acquiring financial or other services in connection with such investments or tourism to the region

• Importing and exporting any goods from or to the region

• Providing or communicating technical data or services to or from the region, or any individual or entity there

• Engaging other prohibited activities specified in the SEMA regulations.

These and other recent developments in Canadian sanctions legislation are addressed in our updated Blakes Bulletin: A Primer on Canadian Sanctions Legislation.

For further information, please contact:

Greg Kanargelidis                   416-863-4306
Ora Morison                            416-863-2712
Vladimir Shatiryan                  416-863-4154

or any other member of our Financial Services Regulatory or International Trade groups.