A 38-year old Russian citizen and New York resident Iurri Gugnin is accused of evading export controls and sanctions, defrauding financial institutions, and breaking the Bank Secrecy Act. Gugnin’s actions have seriously undermined the credibility of crypto in terms of regulation, since the U.S. indictment accused him of 22 crimes.
He is said to have moved more than $530 million for clients through his companies in the United States who are believed to be connected to sanctioned Russian banks. Federal prosecutors claim that, from June 2023 to January 2025, Gugnin entered crypto, mostly USDT, into bank accounts and exchanges inside the United States and turned it into fiat for overseas transfers.
According to the allegations, those funds were provided by Russia, including PJSC Sberbank, VTB Bank, and suppliers for Rosatom, each of which are under U.S. sanctions or export restrictions. The indictment notes that Gugnin was dishonest, saying Evita had no clients from Russia or countries under the sanctions.
He worked with hundreds of millions for these companies, enabling them to get important U.S. technology and cover up the source of the funds. Allegedly, he still used accounts at Sberbank and Alfa-Bank, even though he was living in the U.S.
Besides using stolen identities, Gugnin is charged with running a money transmitting business that is not allowed, evasion of AML rules, and with not following reporting obligations under the Bank Secrecy Act. Authorities claim that he altered documents and found methods to avoid being caught by the authorities on the internet.
“Gugnin’s cryptocurrency company allegedly served as a front to launder hundreds of millions of dollars for sanctioned Russian entities and to obtain export-controlled technology for the Russian government,” stated Assistant Director Roman Rozhavsky of the FBI’s Counterintelligence Division. He added, “Let this serve notice that using cryptocurrency to hide illegal conduct will not prevent the FBI and our partners from holding you accountable.”
He was taken into custody in New York and can be fined up to 30 years for each bank fraud count and extra decades for the other crimes. The case points out that the United States is paying close attention to crypto firms that deal in transactions and regulations across international borders. Indictment does not mean Guignin is guilty; he is assumed to be innocent until a court proves him guilty.
Also Read: Crypto-Linked $21M Laundering Scheme Busted in Australia
