US Charges Russians, Venezuelans for Sanctions Evasion Using Cryptocurrency
A group of Russian and Venezuelan nationals have been charged by U.S. authorities for their roles in a scheme to circumvent Western sanctions and launder money on a global scale. They have been accused of obtaining military technologies from American companies, smuggling oil, and disguising money flows for Russian oligarchs through shell companies and crypto transactions. Russians Arrested in Europe Face Extradition to US on Allegations of Shipping Oil, Dual-Use Technology in Violation of Sanctions Five Russian citizens and two Venezuelans have been charged for violations related to the....
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The Financial Crimes Enforcement Network (FinCEN) has issued an advisory on Russian efforts to evade sanctions that includes a number of crypto-related red flags. However, the bureau admitted that it has not seen “widespread evasion” of its sanctions using cryptocurrency.
FinCEN Warns About Sanctions Evasion
The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, issued an advisory Monday providing regulated financial institutions with “red flags on potential Russian sanctions evasion attempts.”
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As western sanctions increase the pressure on their country’s economy, many young Russians consider cryptocurrency to be a “reliable and profitable” investment option. According to a recent study, the share of Russian citizens who know about bitcoin has reached two thirds of the population.
Under Sanctions, Russians Consider Buying Property, Gold, and Crypto
Financial and other penalties imposed by the West over Moscow’s decision to invade Ukraine are already affecting the economic situation in Russia. Despite the bleak perspectives, for many Russians....
The Department of Justice (DOJ) has filed its first criminal complaint against an American who allegedly used cryptocurrency to circumvent U.S. sanctions. “The payments platform advertised its services as designed to evade U.S. sanctions, including through purportedly untraceable virtual currency transactions.”
DOJ Charges US Citizen in Crypto Sanctions Evasion Case
The U.S. Justice Department has filed its first criminal complaint against a U.S. citizen who allegedly tried to evade American sanctions using cryptocurrency, according to a judicial opinion document....
Highlighting the possibility in traditional finance structures to evade compliance with economic sanctions, well-known crypto exchange Coinbase purposed to use cryptocurrencies to prevent laundering and sanction evasion that becomes possible using fiat currency. The Ukraine-Russia conflict has caused global authorities to impose economic sanctions which also encircles cryptocurrency exchanges. While some platforms refused to comply […]
The new crypto sanctions imposed by the European Union are likely to spur the development of the country’s digital asset market, according to a Russian lawmaker. Anatoly Aksakov, who chairs the parliamentary Financial Market Committee, believes Russians will manage to bypass the restrictions. Meanwhile, major exchanges have reportedly informed Russian users that trading continues.
Russians Find Ways to Circumvent Mounting European Crypto Sanctions, Duma Member Insists
This week, the EU adopted its eighth package of penalties against Russia, meant to hit its government,....