US Sanctions Russian Crypto Entities Following Potential Sanctions Evasions
The U.S. has slapped Russia with more sanctions – this time targeting a number of crypto-related entities and individuals due to potential evasions aimed at funding the Putin-led country’s invasion of Ukraine – according to a Monday press release from the Office of Foreign Asset Control (OFAC).
Monday’s announcement marked a total of 13 blockchain-based entities and two individuals sanctioned in aiding Russia’s curtailing of the “international financial system to further its war against Ukraine,” OFAC’s press release reveals.
Today Treasury sanctioned 13 companies and two people for supporting Russian sanctions evasion attempts through virtual asset services. As the Kremlin seeks to leverage the financial technology space, we will continue to expose and disrupt these companies. https://t.co/NOBh53Esq5
— Treasury Department (@USTreasury) March 25, 2024
The newly sanctioned entities have “helped build or operate blockchain-based services for, or enabled virtual currency payments in, the Russian financial sector,” leading to potential sanctions evasions.
“Russia is increasingly turning to alternative payment mechanisms to circumvent U.S. sanctions and continue to fund its war against Ukraine,” said Under Secretary of the Treasury for Terrorism and Financial Intelligence, Brian E. Nelson.
“As the Kremlin seeks to leverage entities in the financial technology space,” he continued, “Treasury will continue to expose and disrupt the companies that seek to help sanctioned Russian financial institutions reconnect to the global financial system.”
Tuesday’s sanction package comes just one month after the U.S. marked the two-year anniversary of the invasion in Ukraine and the death of Russian opposition leader Alexei Navalny by
