Meet the Russian oligarchs with investment ties to Western Canada not named in Ottawa's sanctions

Prime Minister Justin Trudeau’s government has said all Canadian financial institutions are prohibited from engaging in any transactions with the Russian Central Bank. And Canadian authorities have identified dozens of Russian individuals and entities for sanctions in recent days, freezing the assets of 58 targets and prohibiting all dealings with them.

. The team is only his most visible asset in the West. Among other things, Abramovich is the largest shareholder in Evraz PLC, a steel manufacturing and mining business that has facilities in Regina, Calgary and Edmonton.Article content TMX was bought by the federal government in 2018, making Evraz’s exclusion from sanctions so far a sensitive issue for Trudeau’s government.

The company said this week in a statement that Makarov’s stake, through Switzerland-based Areti Energy S.A., does not carry any controls or veto rights. “Spartan does not have any other relationship with Areti beyond its equity ownership in Spartan nor is any such relationship contemplated now or in the future,” the company said.Article content

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Western companies severing ties with Russia over invasion of Ukraine, sanctionsThe United States, Canada, European allies, and other countries announced a rash of sanctions against Russia over its invasion of Ukraine, including cutting Russian banks from the SWIFT messaging service, banning Russian aircraft, limiting the business dealings of Russian oligarchs, and other measures that will economically isolate the country.
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