Letter to Ministers Champagne and Anand regarding Russian assets in Canada

The Honourable François-Philippe Champagne, MP
Minister of Finance

The Honourable Anita Anand, MP
Minister of Foreign Affairs

Sent by Email September 27, 2025

Re: Russian Assets in Canada

Dear Minister Champagne and Minister Anand,

I am writing to you with urgency to request your government immediately act to ensure all Russian Central Bank funds in Canada are frozen.

The G7 has frozen approximately $300 billion USD in Russian state assets held in the Russian Central Bank. At least $22 billion CAD is located in Canada, but is not frozen by Canadian laws and is in danger of being returned to Russia. These assets are frozen by European sanctions that are extended every six months.

I urge you to formally request that Euroclear, the Belgian securities depository, identify which Canadian banks hold these $22 billion in Russian Central Bank funds. Once identified, these funds should be segregated into separate accounts, which would make them subject to Canada’s Special Economic Measures Act. Those assets would then be frozen by Canada.

However, if these funds are NOT identified and frozen separately, there is danger that the European Union will fail to unanimously agree to extend the freeze. This is of particular concern given the rise of authoritarian and extremist governments in countries such as Hungary and Slovakia that grow closer to Putin every day.

New Democrats are strong supporters of Ukraine and have called for better sanctions enforcement, including increased government resources to find, freeze, and seize Russian assets in Canada. But your government has been slow to impose these changes.

Seized Russian assets must be used to rebuild critical infrastructure in Ukraine. Under international law, Russia is obligated to pay for damage and injuries caused by its aggression in Ukraine. We know that Russia is unlikely to do this voluntarily and must be compelled to do so via seizure of its assets.

Ministers, please act today to ensure the $22 billion CAD in frozen Russian assets are identified and double-locked by Canadian sanctions, so they will never return to Russia. Instead, they must be used to aid in Ukraine’s reconstruction following Russia’s illegal war of aggression.

Sincerely,

Heather McPherson
Member of Parliament for Edmonton Strathcona