The United States announces a new round of sanctions. Targets 13 Russian fintech companies for supporting sanctions evasion

“The United States” announces a new round of sanctions. Targets 13 Russian fintech companies and two individuals for developing and offering digital assets used to circumvent sanctions

On March 26, 2024, Bloomberg News reported that the U.S. Treasury Department stated that the U.S. had imposed a new round of sanctions on 13 fintech companies and two individuals linked to Russia for developing or offering digital asset services used to circumvent sanctions.

Treasury Secretary Brian E. Nelson for Terrorism and Financial Intelligence said in a statement, “Russia is increasingly turning to alternative payment mechanisms to circumvent U.S. sanctions and continues to fund its war in Ukraine. The Treasury Department will expose and block companies that seek to help sanctioned Russian financial institutions remain connected to the global financial system.”

The Office of Foreign Assets Control (OFAC) of the U.S. Treasury Department implemented these sanctions. Companies affected by these measures include B-Crypto, Masterchain, Atomaiz, Veb3 Tekhnologii, Veb3 Integrator, and Tokentrust, as well as Igor Veniaminovich Kaigorodov and Timur Evgenyevich Bukanov.

It offers a revolutionary way to make cross-border payments. It became an important financial tool for Russians after the country invaded Ukraine in February 2565, as international financial aid poured into Ukraine in the form of cryptocurrencies.

Reference: bloomberg.com