Indeed, in 2022, Canada became the first G7 country to include legislation on asset seizure in its sanctions regime. It's probably also the first to follow the recommendation to that effect formulated by the Parliamentary Assembly of the Council of Europe.
I must point out that it's very difficult for us, as outside observers, to get a very clear idea of the extent to which the sanctions regimes are proving effective, and determine the real value of frozen and seized assets.
Our understanding is that the order to invoke the powers for asset seizure has been used only once, in relation to the $33 million in assets belonging to Roman Abramovich.
According to a press release from December 2022, Minister Joly was considering making a court application to forfeit the asset permanently to the Crown.
First, what's happening with that?
Second, why has this new seizure regime been used only once to date?