OFAC Sanctions 13 Entities for Allowing Use of Crypto to Evade Sanctions on Russia
Main page News, Russia, Cryptocurrency
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26 March

The Office of Foreign Assets Control (OFAC) under the US Treasury Department has imposed sanctions on 13 entities and two individuals for their involvement in facilitating the potential evasion of sanctions for Russian nationals through the provision of crypto-related services.

In a statement, the OFAC has highlighted many of the entities and individuals targeted by the sanctions have assisted in transactions or offered services that help other already sanctioned entities evade sanctions.

Treasury Under Secretary for Terrorism and Financial Intelligence Brian E. Nelson has stated Russia has increasingly turned to alternative payment methods to circumvent US sanctions and continue to fund its ongoing conflict against Ukraine.

He added the Treasury will persist in exposing and disrupting the actions of companies that help connect sanctioned Russian financial institutions to the global financial system.

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