U.S. Blacklists Russian Firms Using Digital Assets To Evade Sanctions

The Biden administration has blacklisted 15 companies and individuals on accusations of being behind the creation of digital services in Russia's financial sector that enable the evasion of sanctions imposed upon the country over its war in Ukraine, Darryl Coote reported for United Press International (UPI).

Thirteen companies and two people were sanctioned by the US Treasury, which said many of the targets had developed or were operating the blockchain-based services that enabled the evasion of US sanctions.

Thirteen companies and two people were sanctioned by the US Treasury, which said many of the targets had developed or were operating the blockchain-based services that enabled the evasion of US sanctions.

Five of the targets were hit for being owned or controlled by previously designated individuals, it said.

"Russia is increasingly turning to alternative payment mechanisms to circumvent US sanctions and continue to fund its war against Ukraine," Brian Nelson, undersecretary of the Treasury for Terrorism and Financial Intelligence, said.

"As the Kremlin seeks to leverage entities in the financial technology space, Treasury will continue to expose and disrupt the companies that seek to help sanctioned Russian financial institutions reconnect to the global financial system."

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