Canadia announced on Dec. 19 it would start the process of seizing approximately $26 million from Granite Capital Holdings Ltd, a firm owned by sanctioned Russian oligarch Roman Abramovich.
“This is the first time that Canada is using its new authorities that allow the government to pursue the seizure of assets belonging to sanctioned persons,” the statement reads.
According to Canadian Finance Minister Chrystia Freeland, Russian oligarchs have been involved in the "illegal and barbaric invasion of Ukraine," and Canada "will not be a haven for their ill-gotten gains."
"Russia’s elites pay the price for their support of (Russian President Vladimir) Putin’s brutal regime. It is just and appropriate for Russian assets to be used to help rebuild Ukraine,” she said.
In response to Russia's full-scale invasion of Ukraine on Feb. 24, Canada has imposed sanctions on over 1,500 additional individuals and entities from and in Russia, Ukraine, and Belarus, according to the country’s government.
Abramovich is considered one of the wealthiest people in Russia, with a net worth of over $20 billion.
In September, Bloomberg reported that Abramovich met Saudi Crown Prince Mohammed bin Salman in Saudi Arabia in August as part of negotiations that led to a large prisoner exchange on Sept. 21 in which Russia released 215 POWs.