There have been two key recent developments in Canadian
sanctions laws relevant to Canadian financial institutions and
other Canadian businesses operating in Canada and abroad.
NEW SANCTIONS AGAINST BELARUS
On August 9, 2021, Canada imposed sanctions targeting securities
issued by Belarus and its state-controlled banks and other
companies. This is the second time that the Government of Canada
has specifically targeted securities issued by foreign financial
institutions and entities, following similar measures imposed on
designated financial institutions and energy companies in Russia
starting in 2014. The newly announced measures in respect of
Belarus also restrict the provision of insurance and reinsurance to
these entities, and prohibit dealings in listed petroleum and
potassium chloride products exported from Belarus. The new
sanctions were imposed in coordination with the United States and
United Kingdom, although the specific measures vary from
jurisdiction to
