The Canadian Ministry of Foreign Affairs announced new personal sanctions against 22 Russian citizens. Alina Kabaeva, chair of the board of the National Media Group, was also named on the list.
Officials stated that the individuals and legal entities affected by the measures include major financial institutions and banks, along with senior officials and family members tied to Russian financial groups.
In total, 22 individuals and 4 legal entities were placed under restrictions. The sanctions target board members of VTB, Rosselkhozbank, Sberbank and Investtorgbank. Among those sanctioned are Larisa and Ekaterina, daughters of Mikhail Fridman, founder of Alfa-Bank; they face entry bans to Canada and any Canadian-held assets would be frozen. (Government of Canada)
Further additions to the sanctions list include the Russian Direct Investment Fund, the Russian Venture Company, Investtorgbank and Rosselkhozbank. Canadian citizens are prohibited from engaging in transactions or facilitating any property tied to listed individuals or entities, and from providing financial or other services and goods to those subject to the measures. (Government of Canada)
Canada framed these moves as a continuation of its unwavering support for Ukraine and its people, highlighting leadership in a broad international effort to hold Russian leadership accountable and safeguard Ukraine’s sovereignty, territorial integrity and independence. (Statement from Canadian authorities)
Earlier actions in February saw Ottawa sanction more than 1,050 Russian, Ukrainian and Belarusian natural and legal persons. (Canadian government)
During March, Canada announced restrictions targeting Russian businessmen such as Roman Abramovich and Alisher Usmanov, along with restrictions on personnel from the Foreign Intelligence Service, the Russian Ministry of Defense, and the Sukhoi company, among others. Later, officials shifted focus to 160 members of the Federation Council, and in early April named Vladimir Potanin of Norilsk Nickel, Leonid Mikhelson of NOVATEK, Viktor Vekselberg of the Renova group, and several others. (Canadian authorities)
On May 20, Canada’s Foreign Ministry added 14 Russian citizens to the blacklist, including business figures and their families. In an expanded trade stance, Ottawa also prohibited the export of luxury goods to Russia, with bans covering alcoholic beverages, tobacco, footwear, luxury apparel and accessories, jewelry, dinnerware and artwork; and Canada restricted imports of seafood, fish, vodka and diamonds from Russia. The government stated these steps are intended to exert pressure on Russian leadership to halt its military operation in Ukraine. (Canadian government releases)
Notably, sanctions targeting Alina Kabaeva have drawn continued attention beyond Canada. On May 13, Britain imposed asset freezes and entry bans on Kabaeva and her grandmother, Anna Zatsepilina. (UK government)
Bloomberg reported that the European Union was preparing to include Kabaeva in its sixth package of restrictive measures. EU officials signaled that measures could include broader sanctions on Russian leadership and critical sectors. European Council President Charles Michel noted that the sixth package contemplated substantial oil-related measures and other restrictive steps, with potential quick implementation. (Bloomberg; European Council communications)
Official EU data suggested that, should the sixth package proceed, a significant share of Russian oil imports could be affected within months. The European Council also discussed measures involving Sberbank’s access to the SWIFT system and restrictions on state media channels. The EU emphasized accountability for actions in Ukraine. (European Council statements)
Business sentiment and market activity in Russia have reflected sanctions pressures, with reports indicating that a large majority of companies faced disruption or increased costs due to these measures. (Office of the Business Ombudsman)
In a response to Western sanctions, Dmitry Medvedev, deputy chairman of Russia’s Security Council, argued that Western measures targeted the Russian people themselves and arose from broad hostility toward the nation. He claimed the sanctions were meant to raise prices and diminish living standards for ordinary Russians. (Medvedev statements)
Medvedev also asserted that he personally held no significant assets abroad. (Medvedev commentary)