The United States has taken a significant step in its efforts to combat sanctions evasion by imposing sanctions on a group of fintech firms and individuals, primarily based in Russia. The move, announced by the Treasury’s Office of Foreign Assets Control, targets entities that have allegedly facilitated sanctions evasion through the provision of blockchain-based services and virtual currency payments in the Russian financial sector.
According to the U.S. Treasury, the sanctions cover 13 firms, five of which are owned by individuals already under sanctions, as well as two individuals who have played roles in developing or operating blockchain services or enabling virtual currency transactions in Russia. Among the entities sanctioned are several Moscow-based fintech companies and a virtual currency exchange with operations in Russia and the United Arab Emirates.
