Senator Batters: In your speech tonight you referenced that Russian assets in Canada were thought to be “negligible.” I’m just wondering what basis you have to say that, because I thought that that wasn’t the case. It seems like every so often, when we hear about potential oligarch assets in Canada, we hear that there have been, thus far, relatively limited real results produced by actions taken by Canada’s government.

I actually thought that very little had been seized thus far in Canada. Why do you think that there is just a negligible amount left?

Senator Omidvar: Thank you, Senator Batters. In December of 2021, just before Russia invaded Ukraine, according to the public accounts of Russia, state bank assets totalling $16 billion were located in Canada. Russia subsequently removed $16 billion to Belgium in, as I said, likely a pre-emptive move. This is all public information that I had gleaned.

What I don’t know is if they’ve got anything left outside of, maybe, their embassy here.

Hon. Denise Batters: Senator Omidvar, I have a couple of questions for you. First of all, as one of 1.4 million Ukrainian Canadians, I want these Russian assets to be quickly and properly seized so that those assets cannot be used to finance Putin’s illegal and brutal war against Ukraine. Could you briefly explain what this bill does that the government legislation you referenced, that was passed in the recent Budget Implementation Act, does not do?

Senator Omidvar: Thank you, Senator Batters, for that question. The bill creates a legal mechanism that would allow the Government of Canada to seize Russian state assets. As I said, there are technically now two rules: one through the court for individual assets and one through executive action. The existing State Immunity Act provides immunity from Canadian courts to all foreign states.

It’s a clarification, I would say, to the proposal that has already been accepted by the Government of Canada.