QUESTION PERIOD — Global Affairs
Russian Sanctions
June 5, 2025
My question is for Senator Gold.
In February 2022, following Russia’s invasion of Ukraine, Canada and its partners in the G7 and EU froze the equivalent of C$425 billion of Russian state assets. The majority of these assets are managed by Euroclear, a security depository based in Belgium. There is at least C$22 billion held by Euroclear in Canadian banks.
The EU must vote every six months to renew the freeze, and a Russia-friendly regime like Hungary could veto renewing the freeze this July. This would mean that the frozen assets, including Canada’s share, would immediately be returned to Russia.
On May 22, the G7 finance ministers and central bank governors meeting in Banff stated:
. . . assets in our jurisdictions will remain immobilized until Russia ends its aggression and pays for the damage it has caused to Ukraine.
Can the government provide absolute assurance that these assets —
Thank you for your question. I want to be clear that Canada stands resolute in its commitment to supporting Ukraine as it defends its sovereignty and independence in the face of Russia’s brutal war of aggression.
With regard to your question, I can confirm that the government is committed to the statement from the G7 finance ministers and central bankers. The government is also committed to working with allies to continue to coordinate support to promote the early recovery and reconstruction of Ukraine.
The Canadian government has the ability to independently freeze the C$22 billion held in the Euroclear Canadian accounts so that if the EU fails to extend the freeze the funds will remain frozen. This can be done without new legislation. Will the government undertake to do this as a guarantee?
As I have stated, the government is committed to continuing to work with its allies to deliver on its promises and support for Ukraine.
