📰 Table Of Contents
US Sanctions Russian Crypto Entities Over Evasion Concerns
The U.S. has imposed sanctions on Russian crypto entities and individuals due to concerns about potential evasions aimed at funding the country’s invasion of Ukraine.
Sanctioned Entities and Individuals
A total of 13 blockchain-based entities and two individuals have been sanctioned for aiding Russia’s efforts to curtail the international financial system to further its war against Ukraine.
Sanction Evasion through Virtual Asset Services
The newly sanctioned entities have been involved in building or operating blockchain-based services or enabling virtual currency payments in the Russian financial sector, leading to potential sanctions evasions.
Statement from Under Secretary of the Treasury
Under Secretary of the Treasury for Terrorism and Financial Intelligence, Brian E. Nelson, stated that Russia is turning to alternative payment mechanisms to circumvent U.S. sanctions and continue funding its war against Ukraine.
Focus on On-And-Off Ramp Activities
Chainalysis notes that sanctions evasion through cryptocurrency businesses for on- and off-ramp activities for sanctioned Russian banks is a growing focus for OFAC.
U.S. Efforts and Politicians’ Push for Regulation
Over 4,000 individuals and entities have been sanctioned in connection with Russia in the past two years. U.S. politicians are advocating for greater regulation of the crypto sector to prevent illicit activities.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
