The Canadian government has rejected a request to lift economic sanctions imposed on the daughters of a Russian billionaire and alleged close associate of President Vladimir Putin.
Canadian Foreign Affairs Minister Mélanie Joly rejected the appeals of Larisa and Ekaterina Fridman, whose father is banking tycoon Mikhail Fridman.
Fridman, who is wanted by the Ukrainian Security Service, is described in Global Affairs Canada documents as a “high-level Russian financier” and an associate of Putin’s who “obtained state assets through government connections.”
Fridman, a Ukrainian citizen with Israeli citizenship, is the founder and main shareholder of Alfa Group, which owns Alfa Bank, one of Russia’s major financial institutions. According to Forbes, his fortune is more than $18 billion.
Canada sanctioned Fridman in April 2022. His family was added to the list the following month. Their daughter applied to be removed from the list in December 2022, but was denied by Joly on November 24, 2023, records show.
Although the women, who live in New York and Tel Aviv, say they oppose the war in Ukraine and are financially independent, Joly wrote in their letter that sanctions against the families of Russian elites were justified.
“The fact that you have limited financial ties or dependence on your father does not prevent him from trying to use you to maintain access to his funds or to circumvent sanctions prohibitions,” the letter signed by Joly said.
“Your continued listing will help Canada achieve its goal of preventing sanctions circumvention by eliminating options for those who support or facilitate the Russian regime,” the letter added.
Canada has sanctioned more than 2,000 Russian individuals and entities in an effort to pressure the Putin regime over the Ukraine war, suppression of dissent and a global disinformation campaign.
Both of Fridman’s daughters were born in Paris and hold French and Russian citizenship. Larisa, a dancer, painter and digital artist who sells t-shirts with cat and dog prints, is also an Israeli citizen.
Katerina, who has an MBA from Columbia Business School, was a research manager at the Commission for Art Recovery Inc., which “works to identify and return art looted during the Holocaust.”
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