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The US announces sanctions against two individuals and thirteen entities for helping Russia evade sanctions

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The United States Department of the Treasury announced this Monday sanctions against two individuals and thirteen entities related to financial and technological services for helping or offering to help Russian authorities evade the designations imposed against them for the invasion of Ukraine through the use of ‘blockchain’ technology and payments in virtual currencies. “Russia is increasingly turning to alternative payment mechanisms to circumvent US sanctions and continue funding its war against Ukraine. As the Kremlin seeks to leverage entities in the fintech space, the Treasury will continue to expose and disrupting companies that try to help sanctioned Russian financial institutions reconnect with the global financial system,” said Treasury Undersecretary for Terrorism and Financial Intelligence Brian E. Nelson. Among those sanctioned are also five entities in possession or controlled by other persons previously designated by the Treasury with the aim of attacking the Russian financial structure, according to a statement. The individuals confirmed on the sanctions list are Igor Veniaminovich Kaigorodov, majority owner of the sanctioned companies Veb3 Tekhnologii and Veb3 Integrator, and Timur Evgenyevich Bukanov, owner and director of the technology company TOEP, also sanctioned. Russian companies included are ‘Joint Stock Company B-Crypto (B-Crypto)’, ‘Obshchestvo S Ogranichennoy Otvetstvennostyu Sistemy Raspredelennogo Reyestra (Masterchain)’, ‘Obshchestvo S Ogranichennoy Otvetstvennostyu Laitkhaus (Laitkhaus)’, ‘Obshchestvo S Ogranichennoy Otvetstvennostyu Atoma iz ( Atomaiz)’, ‘Obshchestvo S Ogranichennoy Otvetstvennostyu Veb3 Tekhnologii (Veb3 Tekhnologii)’, ‘Obshchestvo S Ogranichennoy Otvetstvennostyu Veb3 Integrator (Veb3 Integrator)’, ‘Obshchestvo S Ogranichennoy Otvetstvennostyu Tsentr Obrabotki Elektronnykh Platezhey (TOEP) )’, and ‘Obshchestvo S Ogranichennoy Otvetstvennostyu Kripto Eksplorer (OOO Kripto Eksplorer)’. Likewise, ‘Tokentrust Holdings Ltd’, from Cyprus, ‘Bitfingroup OÜ (Bitfingroup)’, from Estonia, ‘Bitpapa IC FZC LLC (Bitpapa)’, and ‘Crypto Explorer DMCC (Crypto Explorer)’, from the United Arab Emirates, have also been sanctioned. United States (UAE). The sanctions involve the blocking of all assets and interests of these persons and entities that are located in the United States or that are under the control or possession of its citizens, including those that are controlled by them by 50 percent or more. It also entails the prohibition of transactions with blocked assets and interests by Americans or from within the country. Institutions and people that fail to comply with the sanctions will be subject to being subject to them.



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