Ga, Russia to be charged war reparations... Amendment of sanctions-related law underway
by Park Pyunghee
Published 27 Apr.2022 09:37(KST)
Updated 27 Apr.2022 14:33(KST)
[Asia Economy Reporter Park Byung-hee] Major foreign media reported on the 26th (local time) that Canada plans to amend its trade sanctions law to impose war reparations on Russia.
Canada's Foreign Minister Melanie Joly issued a statement on the same day, saying, "We will amend the relevant law to allow foreign assets seized through sanctions to be used to compensate victims affected by the war or to help rebuild countries damaged by the war."
This means amending the law to use the seized Russian assets as war reparations for the Ukraine war.
Minister Joly said, "Canada will continue to apply the highest level of pressure on Russian President Vladimir Putin and make him pay a huge cost for the war in Ukraine that he chose." She added, "Sanctions against Russia are already making the Russian economy difficult and reducing the resources Putin can use to continue the war."
The Canadian government plans to accurately identify the seized Russian assets through the legal amendment. Banks will be required to report to the government what assets have been frozen under government sanctions.
Canada has imposed sanctions on more than 1,100 individuals and entities since Russia started the war in Ukraine.
Oleksandr Kubrakov, Ukraine's Minister of Infrastructure, said in an interview with a foreign media outlet on the 18th that help is needed to rebuild Ukraine's infrastructure destroyed by the war, and that Russian assets seized and frozen by Western sanctions could be used as funding. He said that 20-30% of Ukraine's infrastructure was destroyed by Russia's invasion, estimating the damage at about $100 billion.
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