Canada has updated its legislation to allow for the seizure and transfer of profits generated from frozen Russian state assets to Ukraine, Ukrainian Presidential Advisor on Sanctions Policy Vladyslav Vlasiuk announced on Sunday, April 12, Radio Svoboda reported.
The new legal framework enables Ottawa to collect earnings from immobilized Russian funds and redirect them to support Kyiv. While Vlasiuk noted that the total amount held in Canada is “not very large,” he emphasized that the precedent is a “significant and positive” step toward financial accountability for Moscow.
The move comes as Ukraine continues to advocate for the total confiscation of approximately $300 billion in Russian sovereign assets frozen globally. Currently, Western partners utilize a compromise model where assets remain frozen while Ukraine receives loans – such as the €90 billion ($106 billion) package agreed upon in Brussels – backed by future profits from those assets.
“In our view, this is not the optimal solution, but at least the money is there,” Vlasiuk told reporters during a briefing. He added that the implementation of this model has faced delays due to opposition from specific countries, including Hungary.
The major share of frozen Russian funds is located in Europe, with nearly €190 billion ($224 billion) held at the Euroclear depository in Belgium. Significant sums are also immobilized in the UK (€30 billion) and France (€19 billion). On April 1, the European Union transferred a €1.4 billion ($1.5 billion) tranche of profits to Kyiv, with 95% allocated to servicing international loans and 5% directed toward military needs.
Vlasiuk confirmed that legal work is ongoing with partners, particularly Belgium, to build broader support for a full confiscation mechanism. However, he warned that the process of securing the principal assets could take several years.
For Ukraine, these funds are increasingly vital as the war enters its fifth year and the domestic economy remains under immense pressure.