Canada Will Not Be a Refuge for Russian Oligarchs: Abramovich's Assets Seized

Canada has seized the assets of Russian oligarch Roman Abramovich.

The Canadian government announced this on Monday. The assets involved are worth more than $25 million, Reuters reported.

Today, Canada will begin the process of confiscation of 'Granite Capital Holdings Ltd', a company owned by Abramovich.

'Russian oligarchs are complicit in the illegal and barbaric invasion of Ukraine. And Canada will not be a refuge for their ill-gotten savings,' said Canada's Finance Minister Chrystia Freeland.

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After the full-scale invasion of Ukraine by the Russian Federation, Abramovich's fortune, which was valued by Forbes at nearly $15 billion in January, has decreased to $6.9 billion, media reported.

The billionaire fell from 12th to 17th place in the Forbes ranking of the richest businessmen in Russia and ranked 351st in the global list.

Abramovich was the owner of the Chelsea football club and is a citizen of both Russia and Israel.

In May, a mansion belonging to Abramovich worth $10 million was seized in Portugal.

Last week, the United States imposed sanctions against Russian oligarch Vladimir Potanin. Dozens of Russian financial institutions, Potanin's network of structures, and a number of individuals connected to the Russian government were also sanctioned.

In the United Kingdom, Russian oligarch Mikhail Fridman was detained. He is suspected of money laundering.