US Sanctions Russia-Linked Fintech Firms Over Crypto Evasion
- OFAC sanctioned thirteen fintech entities and two individuals
- Illicit crypto activity doubled after Russia invaded Ukraine
The US imposed a fresh round of sanctions on 13 fintech firms and two individuals linked to Russia for allegedly developing or offering virtual asset services that have been used to skirt bans, according to a statement posted by the US Department of the Treasury.
“Russia is increasingly turning to alternative payment mechanisms to circumvent U.S. sanctions and continue to fund its war against Ukraine,” said Under Secretary of the Treasury for Terrorism and Financial Intelligence, Brian E. Nelson, in the statement. The Treasury will “continue to expose and disrupt the companies that seek to help sanctioned Russian financial institutions reconnect to the global financial system,” Nelson wrote.