Daughters of Russian tycoon worth $18B want off Canada’s sanctions list, but minister says no

The Canadian government has denied a request to lift economic sanctions imposed on the daughters of a Russian billionaire and alleged “close associate” of President Vladimir Putin.

Records obtained by Global News show that Foreign Affairs Minister Mélanie Joly rejected the appeals of Larisa and Ekaterina Fridman, whose father is banking tycoon Mikhail Fridman.

Wanted by the Security Service of Ukraine, Fridman is described in Global Affairs Canada documents as a “top Russian financier,” and associate of Putin who “acquired state assets through government connections.”

A native of Ukraine with Israeli citizenship, he is the founder and main shareholder of Alfa Group, which owns Alfa Bank, a major Russian financial institution. Forbes put his net worth at more than $18 billion.

Canada sanctioned Fridman in April 2022. His family was added the following month. The daughters applied to be taken off the list in December 2022, but were rejected by Joly on Nov. 24, 2023, records show.

Although the women, who live in New York and Tel Aviv, said they opposed the war in Ukraine and were financially independent, Joly wrote in letters rejecting their pleas that sanctioning families of Russian elites was justified.

Moving money through relatives and close associates is the most popular method used to dodge sanctions imposed in response to Putin’s invasion of Ukraine, the minister wrote.

“Maintaining limited financial ties or dependence on your father does not preclude him from attempting to use you to maintain access to his funds or circumvent sanctions prohibitions,” the letter signed by Joly said.

“Maintaining your listing helps Canada achieve its goal of preventing sanctions evasion by eliminating options for those supporting or