The Office of the Superintendent of Financial Institutions
(OSFI) has issued a notice dated March 5, 2014, directing banks,
trust companies, insurers and other federally regulated financial
institutions (FRFIs) to immediately freeze assets of the former
Ukranian president, Viktor Yanukovych, and his close associates and
to refrain from having any dealings with these individuals.
Although FRFIs bear the highest compliance burden, these
regulations will apply to all persons within Canada, as well to
Canadians located outside the country.
In imposing these targeted sanctions, Canada is acting in
concert with the EU and the United States. The EU imposed measures
on March 5 similar to those implemented by Canada. The Decision of
the Council of the European Union provides for the freezing of
funds and assets of the same individuals targeted by Canada. In the
case of the United States, on March 6, 2014, President Obama signed
an Executive Order permitting the blocking of
