US Treasury Imposes Sanctions on Russian Crypto Firms for “Supporting Evasion”

The US Treasury targets Russian-linked crypto entities to prevent sanctions evasion, tightening control over crypto activities.

The US Treasury’s Office of Foreign Assets Control (OFAC) has announced new sanctions on crypto-related firms associated with Russia, part of efforts to curb evasion of sanctions via virtual assets.

US Treasury Sanctions Russia-Linked Crypto Firms

Thirteen entities and two individuals are newly sanctioned for allegedly facilitating transactions and offering crypto services to evade sanctions. The targets operate within Russia’s financial and tech sectors, aiding in the evasion of US sanctions by designated entities.

Brian E. Nelson, Treasury Under Secretary for Terrorism and Financial Intelligence, states that Russia seeks alternative payment mechanisms to evade US sanctions and sustain its Ukraine war. Treasury vows to expose and disrupt firms aiding sanctioned Russian entities to reconnect with the global financial system.

Bitpapa and Netex24 Implicated in Sanctions Evasion

Chainalysis reports on two designated entities, Netex24 and Bitpapa, facilitating significant transactions with sanctioned parties. The report reveals clusters associated with both services, highlighting their involvement in transactions without proper KYC controls and darknet markets.

Transactions include dealings with sanctioned Russian banks and pro-Russia militia groups. Cumulative outflows to sanctioned parties surged since 2022, coinciding with Russia’s war in Ukraine. Both entities transferred millions to Hydra Market and Garantex exchange, implicating them further.

US Government Crackdown on Sanctions Evasion

The US intensifies efforts against entities using crypto to bypass sanctions. Previous sanctions targeted platforms facilitating crypto transactions for terrorist groups like Hamas. Crypto mixers misused by criminals also faced bans, raising concerns in the crypto community.

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