Mr. Speaker, with regard to part (a), the Department of Finance continues to engage closely with international partners to hold Russia to account for its illegal invasion of Ukraine, including through the Russian elites, proxies, and oligarchs task force, REPO, whose members include Australia, Canada, the European Commission, France, Germany, Japan, Italy, the United Kingdom and the United States. REPO members have collectively immobilized around $280 billion U.S. in Russian sovereign assets.
With regard to part (b), on the basis of these consultations, the Department of Finance understands that approximately 8% of the immobilized assets held by Euroclear are denominated in Canadian dollars. These assets are held in the form of cash or near cash, that is, highly liquid assets such as short-term treasury securities or certificates of deposit. The Department of Finance has sought details on the nature of these assets and their owner or owners. That information remains a commercial confidence of Euroclear.
With regard to part (c), Canada has led work in concert with the EU and other G7 countries on ways to use immobilized Russian sovereign assets to contribute to the reconstruction of Ukraine, the restoration of peace and security, and the compensation of victims of the conflict. In June 2024, G7 leaders confirmed their intention to provide financing that will be serviced and repaid by future flows of extraordinary revenues stemming from the immobilization of Russian sovereign assets held in the EU and other relevant jurisdictions. The Prime Minister announced in June 2024 that Canada is ready to contribute $5 billion to G7 extraordinary revenue acceleration loans for Ukraine, which aim to bring forward future revenues from frozen Russian sovereign assets in order to provide Ukraine with approximately $69 billion Canadian or $50 billion U.S.