In a significant development, Canada has officially lifted sanctions against international businessman Oleg Boyko, who was previously included in the list of individuals facing sanctions in connection with Russia’s invasion of Ukraine. The decision came following recommendations from the Minister of Foreign Affairs of Canada, leading to amendments to the list of sanctioned individuals.

The move to lift sanctions came after Oleg Boyko, in August 2023, took legal action by filing claims against the Ministry of Foreign Affairs in the Federal Court of Canada. Citing a lack of response from Canadian authorities, Boyko sought justice through the legal system. Subsequently, the court initiated administrative proceedings, and the Minister of Foreign Affairs, the designated authority for sanction-related matters, reviewed the case.

On November 10, the Minister of Foreign Affairs informed Oleg Boyko through a formal letter that the appeal had been considered and decided in favor of lifting the sanctions. The specific reasons behind both the imposition and subsequent removal of sanctions remain undisclosed to the public.

Despite the lack of public disclosure, Boyko’s legal representatives asserted that their client has no business interests in Canada, is not affiliated with Russian government bodies, and does not participate in political activities within the Russian Federation.

“We are certainly glad that sanctions against businessmen who are not related to politics are gradually being lifted; this certainly speaks of a balanced and fair position of countries regarding business,” declared Mr. Boyko’s lawyer.

Oleg Boyko is prominently known as the main beneficiary of the Finstar holding, an entity that invests in fintech ventures across more than 25 countries. The lifting of sanctions is expected to positively impact Boyko’s international business activities.