The Canadian government further expanded sanctions against Russia and Ukraine this week by adding persons and entities to the existing lists of designated persons to which sanctions apply. The sanctions were previously expanded late last month.
As we've previously stated, the sanctions prohibit Canadians and any person in Canada from, among other things (i) dealing in any property held by or on behalf of a designated person; (ii) providing any financial or other related service in respect of the property of a designated person; and (iii) providing any financial or related service to or for the benefit of a designated person. The sanctions also require that various financial entities, including securities dealers and advisers determine on a continuous basis whether they are in possession or control of property owned or controlled by or on behalf of a designated person.
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