CP-Web. In this photo released by the Dnipro Regional Administration, Ukrainian flag waves as smoke rises after Russia's missile attack in Dnipro, Ukraine, Wednesday, July 3, 2024. (Dnipro Regional Administration via AP) Whoever wins Canada’s election next week will immediately face a decision with huge implications for global security and international law.

At stake is the equivalent of US$300 billion of frozen Russian central bank reserves held in western currencies, C$22 billion of which is held in Canadian dollars. Given uncertainty among western allies, there’s no guarantee these assets will remain frozen. Canada will soon host the G7, providing an invaluable opportunity to help stop hundreds of billions from going back to Russia should a European freeze lapse in July.

If that happens, Russia will get a massive bailout, pay nothing for Ukraine’s reconstruction, and leave western taxpayers on the hook for both supporting Ukraine and our own defence. We urge the Canadian government to support the immediate transfer of Russia’s frozen central bank reserves into a fund for Ukraine’s reconstruction and defence. Canada can lead by example and reaffirm that sovereignty, democracy and the rule of law are non-negotiable — and that we stand resolutely with Ukraine.

European, G7 and other allies will be compelled to follow. In addition to supporting this asset transfer with its partners, Canada must signal its resolve by taking two policy measures. The first is to ensure that the Canadian share remains in Canadian hands.

The Finance Ministry can do this by segregating the assets into discrete accounts that Canada can independently freeze. The second measure is to pass Sen. Donna Dasko’s proposed amendments to Canada’s sanctions legislation, which would improve the legal basis to transfer Russia’s frozen funds held in Canadian dollars. ADVERTISEMENT With uncertainty in Washington and the EU having to unanimously reaffirm sanctions every six months, there is significant risk countries like Hungary and Slovakia may veto an extension of EU sanctions, emboldened by the White House’s recent dovish turn on Russia.

If that happens, Russia will be free to take back approximately $210 billion (USD equivalent), even though Canada and the vast majority of other allies oppose it. This would include the $22 billion Canadian share, unless the Finance Ministry segregates it. A bailout for Vladimir Putin will strengthen Russia financially and militarily, unleashing hundreds of billions for Russia to wage war, possibly beyond the borders of Ukraine, including in Canada’s Arctic.

Putin is estimated to have hidden US$300 billion in off-book debts to fuel Russia’s war effort. If these assets are returned, the West will have given him a bailout and be complicit in the destruction of Ukraine. For perspective, from 2022 to the end of 2024, Ukraine has received a total of US$445 billion in defence, humanitarian and financial assistance from countries around the world.

With Canada’s C$22 billion share being substantially higher than the aid it has provided to Ukraine since 2022, this is the single most important thing Canada can do right now for Ukraine to increase its resources and leverage — at no extra cost to the Canadian taxpayer. It would shatter Putin’s belief that he will have the funds to outlast western support. It would go a long way to securing a just and lasting peace.

Numerous prominent legal experts have supported the legality of seizing and transferring Russian sovereign assets under the international law doctrine of state countermeasures. Prominent economists and financial experts have stated it won’t harm financial stability. As the next G7 host, we urge the winner of the upcoming election to demonstrate Canadian leadership at a critical time, setting a powerful precedent against aggression.

ADVERTISEMENT One Nanos poll shows over 80 per cent of Canadians in favour. Individual members of both major political parties and independent senators have already voiced their support. Canada is well-positioned to provide leadership.

All Canadian political parties and leaders should clearly articulate their position on this issue prior to the April 28 federal election, so that voters can take it into account. Canada has welcomed almost 300,000 displaced Ukrainians and the 1.4-million strong Ukrainian community is one of Canada’s largest ethnic communities. The message Canada sends them — and the world — must be clear: Canada does more than offer refuge and words.

We take meaningful, courageous action and influence other nations to do the same. Signatories: The Right Honourable Stephen J. Harper, 22nd Prime Minister of Canada, 2006-2015 The Right Honourable Boris Johnson, 54th Prime Minister of the United Kingdom, 2019-2022 ADVERTISEMENT The Right Honourable Rishi Sunak, 56th Prime Minister of the United Kingdom, 2022-2024 Krišjānis Kariņš, 23rd Prime Minister of Latvia, 2019-2023 The Honourable Lloyd Axworthy, Minister of Foreign Affairs, 1996-2000 The Honourable David Collenette, Minister of Multiculturalism (1983-1984); Minister of National Defence and Minister of Veterans’ Affairs, 1993-1996; Minister of Transport (1997-2003) The Honourable Allan Rock, Canadian Ambassador to the United Nations, 2004-2006 and Minister of Justice, 1993-1997 The Honourable Irwin Cotler, Minister of Justice and Attorney General, 2003-2006 International Chair of the Raoul Wallenberg Centre for Human Rights (RWCHR) The Honourable Peter MacKay, Minister of Justice and Attorney General, 2013-2015, Minister of National Defence, 2007-2013 & Minister of Foreign Affairs, 2006-2007 ADVERTISEMENT The Honourable Ed Fast, Minister of International Trade, 2011-2015 The Honourable Chris Alexander, Minister of Citizenship and Immigration, 2013-2015 and Canadian Ambassador to Afghanistan, 2003-2005 Artis Pabriks, Deputy Prime Minister & Minister of Defence, 2019-2022 & Minister of Foreign Affairs, 2004-2007, Republic of Latvia Kajsa Ollongren, Minister of Defence, 2022-2024 & Deputy Prime Minister, 2020-2022, The Netherlands Lawrence H. Summers, US Treasury Secretary, 1999-2001 Natalie Jaresko, Minister of Finance, 2014-2016, Ukraine Gabrielius Landsbergis, Minister for Foreign Affairs, 2020-2024, Republic of Lithuania The Honourable Ed Stelmach, 13th Premier of Alberta, 2006-2011 Dr. Marie Bountrogianni, Ontario Cabinet Minister, 2003-2007 & Advisory Board Member, Eurobank e.g.g. business accelerator The Honourable Thomas A. Lukaszuk, Deputy Premier of Alberta and Minister of Education, 2012-2013 Norman Spector, Chief of Staff to the Prime Minister, 1990-1992; Canadian Ambassador to Israel 1992-1995 Amb.

John Herbst, US Ambassador to Ukraine, 2003-2006 The Honourable Donna Dasko, Independent Senator for Ontario The Honourable Stanley Kutcher, Independent Senator for Nova Scotia The Honourable Ratna Omidvar, retired Independent Senator for Ontario, 2016-2024 Borys Wrzesnewskyj, MP 2015-2019 & Founder, Canada-Ukraine Parliamentary Association, Former Chair, Canadian-NATO Parliamentary Association General (Retired) Rick Hillier, Chief of the Defence Staff, 2005-2008 James C. Temerty, Chairman of Temerty Foundation; Founder, Northland Power Bill Browder, CEO Hermitage Capital Management, Head of the Global Magnitsky Justice Campaign Oleksandra Matviichuk, 2022 Nobel Peace Prize co-laureate; Founder, Center for Civil Liberties, Ukraine Robert Zoellick, President of the World Bank, 2007-2012 Olivier Blanchard, Chief Economist, International Monetary Fund (IMF), 2008-2015; Senior Fellow, Peterson Institute for International Economics Nazanin Afshin-Jam, Founder, Nazanin Foundation Chantal Kreviazuk, Juno award-winning singer-songwriter; Founding Artist and Ambassador, War Child Canada Heidi Yetman, President, Canadian Teachers’ Federation Noah Shack, President, Centre for Israel and Jewish Affairs Raoul Wallenberg Centre for Human Rights (RWCHR) Democratic Strategy Initiative (DSI) Macdonald-Laurier Institute (MLI) Montreal Institute for Global Security (MIGS) David Edwards, General Secretary, Education International Marcus Kolga, Co-Founder, Central and Eastern European Council in Canada; Director, DisinfoWatch; Senior Fellow, Macdonald-Laurier Institute and CDA Institute Kyle Matthews, Co-founder and Executive Director, MIGS Fen Osler Hampson, President, World Refugee & Migration Council Jay Rosenzweig, CEO, Rosenzweig & Company; Chair of RWCHR Brandon Silver, International human rights lawyer & Director of Policy and Projects, RWCHR Aaron Gasch Burnett, Co-Founder & Senior Fellow, Democratic Strategy Initiative Balkan Devlen, Senior Fellow, MLI; Co-Lead, Pendulum Geopolitical Advisory Yaroslav Baran, Chair of Board, Parliamentary Centre; Founding Partner, Pendulum; Board, Canada-Ukraine Foundation Jonathan Berkshire Miller, Senior Fellow, MLI; Co-Lead, Pendulum Geopolitical Advisory Matthew Bondy, CEO of Bondy & Associates; Senior Fellow, MLI Richard Shimooka, Senior Fellow, MLI Alexander Dalziel, Senior Fellow, MLI Sheryl Saperia, CEO, Secure Canada Adam Bolek, President and CEO, Canada Strong and Free Network Bob Onyschuk, Partner (ret.) Gowling WLG International Law; Founding President CUCC Jaime Pitfield, CEO, Parliamentary Centre Alexander Lanoszka, Associate Professor, Balsillie School of International Affairs, University of Waterloo Michael Cholod, Executive Director, Peace Coalition Foundation Timothy Ash, Senior Sovereign Strategist, RBC Bluebay Asset Management; Associate Fellow, Chatham House Philip Zelikow, 27th Counselor of the United States Department of State (2005-2007), Botha-Chan Senior Fellow, Hoover Institution, Stanford University Anders Aslund, Senior Fellow, Stockholm Free World Forum Yuliya Ziskina, International lawyer & Senior Legal Fellow, Razom for Ukraine Tetyana Nesterchuk, Barrister, Fountain Court Chambers; UK expert at the Council of Bars and Law Societies of Europe Jamison Firestone, Co-Founder, Global Magnitsky Justice Campaign Katherine Vellinga, CEO, Zirkova Vodka; Board of Directors CUCC Mariana Budjeryn, Harvard Kennedy School’s Belfer Center for Science and International Affairs; Author “Inheriting the Bomb” Heather Bakken, Founding Partner, Pendulum Group Stephen Leckie, CEO Canada’s Culinary Championships; CEO Canada’s Great Kitchen Party Rupert Murray, Marine Conservationist and Filmmaker, United Kingdom Iranian Justice Collective, “Woman, Life, Freedom” Iranian diaspora movement, Canada League of Ukrainian-Canadian Women (LUCW) Canada-Ukraine Foundation (CUF) Canada-Ukraine Chamber of Commerce (CUCC) Ukrainian-Canadian Professional and Business Federation (UCPBF) Ukrainian-Canadian Bar Association (UCBA) Kelowna Stands With Ukraine (KSWU) Special to National Post