On September 16, 2014, the Department of Foreign Affairs, Trade and Development Canada (“DFATD”) amended the Special Economic Measures (Russia) Regulations (the “Regulations”).
Prior to these amendments, the Regulations prohibited any person in Canada and any Canadian outside Canada from transacting in, providing, or otherwise dealing in a loan, bond or debenture of longer than 90 days’ maturity in relation to a designed person listed in Schedule 2 or 3, the property of a designated person listed in Schedule 2 or 3, or the interests or rights in property of a designed person listed in Schedule 2 or 3.
The maturity threshold for loans, bonds, and debentures dealt in relation to Schedule 2 persons, their property or the interests or rights in their property has now been reduced to 30 days. The amendments have maintained the 90 day maturity threshold with respect to loans, bonds or debentures dealt in relation to Schedule 3 persons, their property or the interests or rights in their property.
With respect to the lists of designated persons, four individuals and five entities were added to Schedule 1, while two entities (“RosEnergoBank” and “ExpoBank”) were removed from Schedule 1. One bank was added to Schedule 2.
An unofficial copy of the amendments to the Regulations is available on the DFATD website.
