Canada imposes sanctions on Evraz shareholder Abramovich

Canada has imposed sanctions on prominent Russian tycoon Roman Abramovich, the largest shareholder in Evraz Plc, which owns metal facilities in Regina, Calgary and Edmonton.

Canada has imposed sanctions on prominent Russian tycoon Roman Abramovich, the largest shareholder in Evraz Plc, which owns metal facilities in Regina, Calgary and Edmonton.

Prime Minister Justin Trudeau, speaking in Warsaw at the end of a five-day trip to Europe, announced the sanctions on Abramovich, four other Russian individuals, and 32 entities working in Russia’s defence sector. The sanctions took effect March 10, a government release says.

Trudeau said the sanctions are designed so Abramovich as an individual “cannot profit or benefit from economic activities in Canada,” but that Evraz’s other employees and investors shouldn’t be adversely affected and its operations in Canada can continue. 

“We are obviously going to watch carefully, but we are confident that this will not impact the hardworking Canadians who are doing good work in companies across the country,” Trudeau said.

The announcement comes a day after the U.K. sanctioned Abramovich, who also owns Chelsea FC in the English Premier League. Evraz released a statement saying it doesn’t consider Abramovich -- who has a 28.6 per cent stake -- to be “a person exercising the effective control” of the company, and said the sanctions don’t apply to the company itself.

Trudeau said this is another example of Canada working with its allies “on demonstrating clear and deep consequences for Putin and those who have enabled his regime.”