As Russia’s assault on Ukraine enters its third month, the Canadian government says it plans to give itself the power to sell off assets of foreigners seized under sanctions law, and then turn them over to affected victims or pay for rebuilding war-torn countries.

This could mean, for instance, that funds or property seized from Russia could be paid out to help reconstruct Ukraine or to compensate those affected by Moscow’s military assault on its neighbour.

The change would make Canada the first among Group of Seven countries to allow such actions.

Ottawa would also require banks to provide lists of foreign assets frozen by Canadian government sanctions so that Ottawa has an inventory of what has been seized.

The information is contained in a ways and means motion tabled Tuesday. A ways and means motion is a precursor to a budget bill, which the government will introduce after the motion is approved.

“We are seeking the capacity to not only seize but to allow for the forfeiture of the assets of sanctioned individuals and entities and to allow us to compensate victims with the proceeds, Foreign Affairs Minister Mélanie Joly said in a statement.

“Already, sanctions are crippling Russia’s economy and are depleting the resources Putin has to continue his illegal war. We will continue to apply maximum pressure on the Putin regime and impose severe costs for this war of choice.”

The dollar value of assets frozen in Canada as a result of Russia’s war on Ukraine is in the tens of millions of dollars, a senior government official said. The Globe and Mail is not identifying the source because they