This decision follows a recommendation from the Minister of Foreign Affairs of Canada, prompting amendments to the list of sanctioned individuals.

In response to the initial imposition of sanctions and the subsequent lack of communication from Canadian authorities, Oleg Boyko took legal action by filing claims against the Ministry of Foreign Affairs in the Federal Court of Canada in August 2023.

The initiation of administrative proceedings by the court triggered a thorough review by the Minister of Foreign Affairs of Canada, who holds the authority to consider matters related to the imposition and removal of sanctions as dictated by national legislation. Ultimately, the Minister decided to grant Oleg Boyko’s appeal, formally notifying him of the decision in a letter dated November 10.

While the specific reasons behind the imposition and lifting of sanctions remain undisclosed to the public, the legal team representing Mr. Boyko emphasized that he has no business interests in Canada, is not affiliated with Russian authorities or government bodies, and does not engage in political processes within the Russian Federation.

Mr. Boyko’s lawyer stated, “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.”

Oleg Boyko, the primary beneficiary of the Finstar holding, oversees investments in fintech across more than 25 countries.