Washington, Europe Vow to Target Russian Crypto Sanctions Evasion Efforts
The next round of sanctions against Russia and wealthy individuals based in the country could target crypto and crypto exchanges, with Washington already taking aim at those hoping to secure their funds by making bitcoin (BTC) and altcoin buys.
CNBC reported that the American Department of Justice’s new task force has been “broadly designed to enforce sanctions,” and that as part of its remit, it “will target efforts to use cryptocurrency to evade United States sanctions,” with leading politicians calling for more measures.
Warren and another Senator penned a letter to the Treasury chief Janet Yellen, explaining:
“[We] express our concern that criminals, rogue states, and other actors may use digital assets and alternative payment platforms as a new means to hide cross-border transactions for nefarious purposes.”
The Senators asked Yellen to provide them with answers about what “additional tools, including legal authorities or funding, might be necessary” for American officials “to ensure that cryptocurrency participants are not able to help Russia or other malign actors evade U.S. and multilateral sanctions.”
EU leaders have made similar calls, and could follow up with measures requiring centralized trading platforms to enforce sanctions on their platforms.
At a meeting of EU finance ministers, the French financial chief Bruno Le Maire stated:
“We are taking measures, in particular on cryptocurrencies or cryptoassets, which should not be used to circumvent the financial sanctions. We will be taking stock on a daily basis with regard to the implementation of these sanctions, their effectiveness and any additional measures which may be needed. We want to remain flexible and mobilized.”
In a blog post, Matthew Feeney, the Director
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