Canada made SOR/2025-142, Regulations Amending the Special Economic Measures (Russia) Regulations, registered 2025-06-13. The regulations add 34 Russian entities to Part 2 of Schedule 1 alongside Keremet Bank Open Joint-Stock Company (Kyrgyzstan), three UAE-based entities, one Singapore-based entity, and two energy-commodity trading companies (Switzerland, Azerbaijan) — all designated as sanctions-evasion intermediaries for Russian trade. The amendments also add 201 vessels (by IMO number) to Schedule 1.1 as part of Russia's "shadow fleet," triggering a dealings ban, asset freeze, and a new prohibition on providing financial or other services to non-Canadians in relation to a listed vessel.

Analyst notesShow

Mechanism

SOR/2025-142 is one round in Canada's rolling series of amendments to the 2014 Special Economic Measures (Russia) Regulations (SOR/2014-58), made under the Special Economic Measures Act. This round targets the sanctions-evasion layer around Russia's trade rather than Russian entities alone: Keremet Bank (Kyrgyzstan) and trading intermediaries in the UAE, Singapore, Switzerland and Azerbaijan are designated for facilitating Russian commodity trade and financial flows around the existing sanctions perimeter. The 201-vessel addition to Schedule 1.1 continues Canada's "shadow fleet" designation track (see the later, larger SOR/2025-228 round of 2025-11-06, which added a further 100 vessels and explicitly named Kyrgyzstan-based payment platforms).

Severity is set at 3 (quant basis): the action is a designation/asset-freeze instrument (not a broad trade or capital-market prohibition) but scales to a large enumerated target set — 34 entities, 1 bank, 201 vessels — and adds a new services-prohibition category (financial/other services to non-Canadians re: listed vessels) that extends the regulation's extraterritorial reach.

Downstream implications

Establishes a template Canada has since repeated at larger scale

(SOR/2025-228, Nov 2025) — expect further rounds adding vessels and third-country intermediaries as Russia's shadow fleet reconstitutes.

Financial institutions and trading houses in Kyrgyzstan, UAE, Singapore,

Switzerland and Azerbaijan face reputational and correspondent-banking risk from association with designated entities, independent of their home jurisdiction's own sanctions posture.

Open questions

Full list of the 34 newly designated Russian entities and their sectors

was not independently itemized in this filing (Gazette RIAS summarizes by count) — worth a follow-up pull of the full Schedule 1/1.1 annex if sector-level detail is needed.

Sources

Primary: Canada Gazette, Part II, Vol. 159, No. 14 — SOR/2025-142, Regulations Amending the Special Economic Measures (Russia) Regulations

Secondary: Global Trade Alert state act 92087 (Canada — sanctions on various firms and vessels, June 2025)

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Mechanism

Downstream implications

Establishes a template Canada has since repeated at larger scale

(SOR/2025-228, Nov 2025) — expect further rounds adding vessels and third-country intermediaries as Russia's shadow fleet reconstitutes.

Financial institutions and trading houses in Kyrgyzstan, UAE, Singapore,

Switzerland and Azerbaijan face reputational and correspondent-banking risk from association with designated entities, independent of their home jurisdiction's own sanctions posture.