– A policy statement on foreign direct investment in Canada by Russian entities or investors, in response to the Russian invasion of Ukraine. Under this policy, only on an exceptional basis would the Minister or the Minister of Canadian Heritage (as applicable) find the acquisition of control of a Canadian business by a direct or indirect Russian investor to be of net benefit to Canada. In addition, direct or indirect ties between an investment and individuals or entities associated with, controlled by or subject to the influence of the Russian state will support a finding by the Minister that reasonable grounds exist to believe that the investment could be injurious to Canada’s national security. – A policy statement on applying the ICA to investments by SOEs in the critical minerals sector. Owing to the strategic importance of this sector and the economic risks posed by SOEs, only on an exceptional basis would an application by a foreign SOE for acquisition of control of Canadian businesses involved in the critical minerals sector be approved under the net benefit review process. In addition, the participation by a foreign SOE or foreign-influenced private investor in an investment, regardless of value or ownership interest, will support a finding by the Minister that reasonable grounds exist to believe that the investment could be injurious to Canada’s national security.
If an investment is subject to both a net benefit review and a national security review, the net benefit review will be paused until the national security review is completed.
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Doing Business in Canada
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