Canada removes sanctions on businessman Oleg Boyko

Oleg Boyko, who was sanctioned in connection with Russia's invasion of Ukraine, has been removed from Canada's sanctions list

Boyko is the founder of Finstar Financial Group
Boyko is the founder of Finstar Financial Group

The Canadian government has officially lifted sanctions against international businessman Oleg Boyko, as recommended by Canada's Foreign Minister, Mélanie Joly.

Oleg Boyko had been included on a sanctions list in April 2022 in connection with Russia's invasion of Ukraine. However, following a lawsuit filed by Boyko in August 2023 against the Canadian Foreign Ministry, the decision was made to remove his name from the list.

The legal action was initiated due to the businessman's contention that he had no business ties in Canada, and he was not affiliated with the authorities or government bodies in Russia. Furthermore, it was emphasised that Boyko played no role in the political processes within the Russian Federation. The lack of response from Canadian authorities prompted the legal move.

The Federal Court of Canada engaged in administrative proceedings after Boyko's legal challenge, leading to a review by Mélanie Joly, the Minister of Foreign Affairs of Canada and an authorised figure for matters related to sanctions under national legislation. On November 10, 2023, she informed Boyko of the decision to grant his appeal.

Subsequently, on November 15, a statement on the Canadian government's website announced the repeal of Item 731 of Part 1 of Schedule 1 to the Special Economic Measures (Russia) Regulations, which included Oleg Viktorovich Boyko's name and details.

The reasons for lifting the sanctions were not publicly disclosed, but Boyko's lawyers emphasised his lack of business connections in Canada, his non-affiliation with Russian authorities, and his absence from political involvement in Russia.

Expressing satisfaction with the decision, Boyko's lawyer commented on the gradual lifting of sanctions against businessmen unrelated to politics, portraying a balanced and fair approach by countries toward business entities. According to Mr Boyko's lawyer, work is currently underway to lift sanctions in Australia.

Oleg Boyko is the founder and chairman of the supervisory board of Finstar Financial Group, a global company with over $2 billion in assets under management and operations in 25 countries. The company engages in various sectors, including financial services, IT, real estate, retail, and entertainment. The group is known for successful ventures in launching new projects, restructuring existing companies, and forming partnerships and M&A agreements