Main points
- Vladimir Lisin appealed to the Federal Court of Canada to lift the sanctions imposed on him in the summer of 2025.
- Lisin is seeking to expedite the consideration of his appeal, noting that Canada's sanctions cause significant reputational damage and complicate cooperation with financial institutions around the world.
Russian billionaire Lisin asks Canada to lift sanctions on him / Collage by Channel 24, photo by Getty Images, Russian media
The main owner of the Novolipetsk Metallurgical Plant, Vladimir Lisin, has appealed to the Federal Court of Canada with a request to lift the sanctions imposed on him. They were imposed only in the summer of 2025, and before that the billionaire was a real “wallet” for Putin and the Russian budget.
What is the billionaire asking Canada to do about sanctions?
The businessman is seeking to expedite the consideration of his application by the Canadian authorities, writes the Russian media outlet Kommersant.
The lawsuit was filed on January 6, 2026, but its content has not been publicly disclosed. The main arguments became known from documents obtained from a Canadian court. In them , Lisin requests an injunction that would oblige the Canadian Minister of Foreign Affairs to immediately make a decision on his application to lift the sanctions.
The following is currently known:
- The owner of Russia's largest steel plant was placed under Canadian sanctions on June 13, 2025.
- In July, he sent a request for exclusion to the Ministry of Foreign Affairs, in September he provided additional documents, and in December he separately asked the minister to make a decision without further delay.
- The law allows 90 days for this, but by the time the lawsuit was filed, 168 days had passed, and no response had been received.
- The lawsuit states that such inaction is “unreasonable and contrary to the law.”
- Lisin demands not only an immediate decision, but also an official recognition that the minister violated the established procedure.
In the statement, the plaintiff also notes that the inclusion of “such a reputable country as Canada” in the sanctions list entails serious consequences even for individuals residing in other jurisdictions: financial institutions around the world refuse to cooperate with sanctioned individuals. In addition, the restrictions cause significant reputational damage.
Interesting! In the ranking of Russian billionaires 2025 according to Forbes, Lisin took fourth place with a fortune of $ 26.5 billion. His path in metallurgy began with work as a steelworker's assistant at Tulachermet. In the 1990s, he collaborated with Trans World Group, and in 1996, during the redistribution of ownership, he managed to establish control over NLMK.
How does a war in Iran save Russia from sanctions?
As economist Ivan Us said in a commentary on Channel 24 , there is a possibility that Western sanctions against Russia will be lifted if the war in Iran drags on and there is no political will to find alternatives.
Ivan Us
Candidate of Economic Sciences, Chief Consultant of the National Institute for Strategic Studies
I understand that the world economy is cynical. If they need to get these resources and there is no other option, then the ongoing conflict in the Middle East will lead to a gradual lifting of sanctions on Russia. Again, provided that there are no alternatives.
As Politico reports, the biggest beneficiary of the escalation in the Middle East is Vladimir Putin, whose spokesman immediately declared Russia “a reliable supplier of both oil and gas.”
As the war in Iran continues, countries around the world are looking for opportunities to buy energy from other suppliers. Economist Ivan Us notes that alternatives to resources from the Middle East currently exist .
This is Norway for gas, this is Australia, Algeria, Nigeria. And the United States of America can also benefit from this. That is, in principle, there is someone to replace, and then it is more a matter of political will: will they want to take from Russia, or will they still look for alternatives to it to the last. After all, the governments of Hungary and Slovakia, of course, want to minimize sanctions against Russia. However, there is Poland and the Baltic countries that are not satisfied with this,
– says the expert.
As Ivan Us noted, Russia is interested in a war in Iran that lasts as long as possible for several reasons:
- the increase in the cost of tanker insurance due to ongoing tensions in the region, which is embedded in the price of oil;
- the risk of a shortage of resources , which Russia may offer to fill in exchange for the lifting of sanctions.
Latest news about sanctions against Russia
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The United States has extended a reprieve from sanctions on Serbian oil company NIS until April 17, giving Serbia more time to import oil amid rising prices. NIS, controlled by Russian owners, operates Serbia's only oil refinery.
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The US has lifted sanctions on three Russia-linked companies: BSB Group, Turken Dijital Matbaa Teknolojileri and Futuris FZE. The lifted sanctions also apply to several individuals, including two Muscovites – Yevgeny Tyurikov and Boris Vorontsov.
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Political scientist Vadim Denisenko told Channel 24 that the second stage of lifting sanctions on Russian oil has actually begun. A week ago, Russia allowed India to buy Russian oil. And this was the most unpleasant decision, because in fact 90% of Russian oil exports go to China and India.