On December 19, 2014, the Government of Canada added 11 additional individuals to the list of designated persons under Schedule 1 of the Special Economic Measures (Russia) Regulations (the “Russia Regulations”). It also added an additional 9 individuals to the list of designated persons under the Special Economic Measures (Ukraine) Regulations.
The Government of Canada also imposed under the Russia Regulations new export restrictions on certain goods used in Russia’s oil exploration and extractive sector. In particular, the amended Russia Regulations prohibit any person in Canada and any Canadian outside Canada from exporting, selling, supplying or shipping certain specified goods, wherever situated, to Russia, or any person in Russia, for use in deep water oil exploration or production, Arctic oil exploration or production, or shale oil exploration or production. The restrictions also prohibit the provision to Russia, or any person in Russia, of financial, technical or other services related to the prohibited goods. These restrictions correspond to similar measures previously taken by the European Union and the United States.
Finally, the Russia Regulations were amended to further clarify existing prohibitions against dealing in new debt and equity arrangements with certain designated Russian persons. The amended Russia Regulations make it clear that the prohibitions cover a range of instruments including bank drafts, bankers’ acceptances, securities, commercial paper and other similar instruments.
An unofficial version of the amendments to the Russia Regulations can be found at: http://www.international.gc.ca/sanctions/countries-pays/russia_regulations-russie_reglements.aspx?lang=eng
An unofficial version of the amendments to the Special Economic Measures (Ukraine) Regulations can be found at: http://www.international.gc.ca/sanctions/countries-pays/ukraine_regulations-ukraine_reglements.aspx?lang=eng
Prime Minister Stephen Harper’s statement in respect of the sanctions can be found at: http://pm.gc.ca/eng/news/2014/12/19/statement-prime-minister-canada-announcing-additional-sanctions
