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Forbes: Canada lifts sanctions on Russian billionaire following lawsuit

by Nate Ostiller November 16, 2023 9:58 PM 2 min read
Russian businessman Oleg Boyko. (Oleg Boyko/personal website)
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Canada's foreign ministry agreed to remove sanctions against Russian billionaire businessman Oleg Boyko after he filed a lawsuit, Forbes Russia reported on Nov. 16.

Boyko was originally sanctioned related to Russia's war on Ukraine, but the specific reasons were not made public. He is sanctioned by Ukraine for doing business in sectors of the Russian economy that help generate funding for the war effort, Ukraine's National Agency on Corruption Prevention (NACP) wrote on its website.

Boyko originally lodged a complaint with the Foreign Ministry in December 2022 and, having not received a response filed a lawsuit with Canada's Federal Court in August 2023.

Boyko's lawyers said that he has no business interests in Canada, and no connection with the Russian government or involvement in Russian politics.

"We are certainly glad that sanctions against businessmen who are not related to politics are gradually being lifted," his lawyer said to Forbes Russia.

Boyko's main source of income is Finstar Holding, a firm that invests in financial technology around the world.

A 2020 report by the U.S. Senate Intelligence Committee regarding the larger question of Russia's alleged tampering in the 2016 U.S. election said that "Boyko has concerning ties to the Russian government, to Russian intelligence and security services, and to organized crime.”

The report added that the Moldovan press alleged that Boyko "was involved in a Kremlin-backed foreign election influence operation there." The sources cited, however, were redacted.

Forbes estimated his wealth at over $1 billion. His residence is listed as being in Switzerland.

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