The Federal Court has dismissed the appeal of a billionaire who challenged sanctions Canada imposed on him in response to Russia’s invasion of Ukraine.
In ruling against Igor Makarov, who officials claimed was surrounded by “cronies” of Russian President Vladimir Putin’s, the court upheld Canada’s case against him.
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The Aug. 7 decision said Foreign Affairs Minister Mélanie Joly was “entitled to the widest deference” when weighing who to place on Canada’s sanctions list.
Viewed “holistically,” Joly’s decision to sanction the oil and gas magnate was reasonable because it was “justified, transparent and intelligible,” the court wrote.
The 55-page verdict endorsed the government’s assessment that Makarov was associated with Russian officials and business interests, including Putin.
The president of Areti International Group and once a major shareholder in Calgary-based Spartan Delta Corp., Makarov has denied being close to the Russian regime.
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