Canada can now seize, sell off Russian assets. What's next?

"Ukraine, historically... has struggled with corruption issues," said Rachel Ziemba, an adjunct senior fellow with the Centre for a New American Security who advises companies and countries on sanctions policy. "There have been a lot of strides made... but it's still not at the level of a developed economy."

Working through the International Monetary Fund, or setting up a trust fund that would vet recipients and add more reporting to the process could add more certainty, she suggested.

Russian central bank has reserves in Canada

Taxpayers in Canada, the U.S. or other countries don't want to bear the full cost of this war, Ziemba said, but as governments embark on asset seizures they also have to be concerned about the message it sends on what jurisdictions are safe for foreign investment.

"There are a lot of legal questions ahead," she said.

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