US Treasury Flags 13 Russian Firms Using Crypto to Evade Sanctions
United States Department of the Treasury It sanctioned 13 business entities and two individuals for Russian operations that included aiding sanctions evasion through the use of digital assets.
In a recent press release, the Treasury Department’s Office of Foreign Assets Control flagged the activities of some companies and individuals in the Russian financial and technology sector. According to the statement, the majority of listed firms facilitated the movement of assets or helped OFAC-designated individuals evade sanctions.
Crypto Firms Help Russian Finance
The organization revealed that the five firms were wholly owned and their operations were controlled by OFAC-designated entities. Treasury Undersecretary for Terrorism and Financial Intelligence Brian E. Nelson announced that Russia has turned to other financial sources to avoid US sanctions.
This move comes at a time when the United States is trying to target it. Russian Sanctions are being imposed on financial companies to prevent further funding for his war against Ukraine. For years, global regulators have complained about the use of crypto assets to circumvent global sanctions and fund certain activities.
Among the listed organizations are Joint Stock Company B Crypto, Masterchain, Laitkhaus, Atomaiz, Token Trust Holdings, TOEP, etc. It is located.
““All of the companies identified by OFAC today helped create or operate blockchain-based services for the Russian financial sector or enabled virtual currency payments, thus enabling potential sanctions evasion.” description added.
USA Increases Sanctions
Pursuant to the above provision, the company’s assets in the United States or control by US persons are prevented. Additionally, these assets must be reported to OFAC. Any transactions involving these properties in the United States are also blocked unless approved by OFAC.
Since Russia’s invasion of Ukraine, the United States has imposed sanctions on certain companies operating in its market and continues to expand sanctions against companies that facilitate the transfer of funds through digital assets.
Last year Binance, the world’s largest exchange by volume, was in the middle of a regulatory debacle that led to a withdrawal from the Russian market. The company’s presence in Russia was taken over Contact Ex also announced that it would shut down its website by May 10.
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