U.S. Treasury Takes Aim at 13 Russian Companies Suspected of Circumventing Sanctions via Cryptocurrency Services
The U.S. Government has identified entities and individuals allegedly involved in providing cryptocurrency products and services that aided in evading sanctions on Russia.
The Office of Foreign Assets Control (OFAC) within the U.S. Department of the Treasury has sanctioned thirteen entities. And two individuals operating in Russia’s financial services and technology sectors. These designated entities are accused of facilitating transactions or providing services. That helped other OFAC-designated entities evade sanctions. Among them are Moscow-based fintech firms such as B-Crypto. Accused of collaborating with Rosbank to enable Russian exporters to use cryptocurrencies for cross-border payments, despite Rosbank being under U.S. sanctions. Other designated entities include Masterchain, Laitkhaus, Atomaiz, Bitpapa, and Crypto Explorer within Russia, along with international firms like Tokentrust Holdings in Cyprus and Bitfingroup in Estonia. Additionally, Moscow-based blockchain technology firms Veb3 Integrator and Veb3 Tekhnologii. Along with TOEP operating a crypto exchange, were also listed for supporting sanctions evasion. The sanctioned individuals are Igor Veniaminovich Kaigorodov and Timur Evgenyevich Bukanov.
These actions come in the context of heightened sanctions against Russia, particularly following the country’s invasion of Ukraine in February 2022. In related news. Last year saw reports of investigations into Binance. The world’s largest cryptocurrency exchange, by U.S. authorities over potential sanctions violations involving Russia.
Clever Robot News Desk 28th March 2024
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