The U.S. Treasury is tightening the screws on Russian entities trying to bypass sanctions through cryptocurrency.
The Treasury’s Office of Foreign Assets Control (OFAC) has leveled sanctions against 13 companies and 2 individuals in Russia’s fintech and virtual asset sectors.
According to OFAC, these groups played key roles in facilitating transactions or services that enabled sanctioned Russian entities to evade U.S. restrictions.
“Russia is increasingly turning to alternative payment rails like crypto to circumvent sanctions and keep funding its war machine,” warned Brian E. Nelson, Under Secretary for Terrorism and Financial Intelligence. “Treasury will continue exposing and disrupting companies helping sanctioned Russian banks reconnect to the global financial system.”
The targeted entities include several Moscow-based fintech firms like B-Crypto, Masterchain, Atomaiz, and affiliates. Also designated was Atomaiz’s majority owner Tokentrust based in Cyprus.
Notably, Atomaiz secured Russia’s first government license to issue and trade digital assets just weeks before the Ukraine invasion. Its parent company is controlled by Vladimir Potanin, one of Russia’s wealthiest oligarchs.
As sanctions intensify, the crypto crackdown signals Washington’s determination to cut off Russia’s financial workarounds.
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