US sanctions Russian virtual asset operators

On 25 March, the US Department of the Treasury announced sanctions against 13 Russian entities and 2 individuals involved in the financial services and technology sectors of the Russian economy.

Source: European Pravda with reference to a press release from the Treasury

Details: As explained by the US Treasury, the sanctioned persons are "developing or offering services in virtual assets that enable the evasion of US sanctions" or are owned or controlled by other persons on the sanctions list.

The US sanctions list includes, among others, the Moscow-based fintech companies B-Crypto, Sistemy Raspredelennogo Reyestra (Masterchain), Laitkhaus, Tsentr Obrabotki Elektronnykh Platezhey (TOEP) and Atomaiz, which cooperate with sanctioned Russian banks.

The US Treasury also imposed sanctions on the Russian blockchain companies Veb3 Tekhnologii and Veb3 Integrator, as well as Estonia’s Bitfingroup OÜ and Cypriot Tokentrust Holdings, which are linked to Russia. Restrictions were imposed on Veb3 Tekhnologii shareholder Igor Kaigorodov and on Timur Bukanov, the owner and director of TOEP.

Separately, the United States imposed sanctions on three Russian companies that have helped Russia purchase technological equipment – including for the defence sector – in order to circumvent sanctions.

Background: On 23 February, the US President announced that the United States would impose more than 500 sanctions against Russia and new export restrictions on nearly 100 organisations on the eve of the second anniversary of the full-scale invasion of Ukraine and following the death of Alexei Navalny.

In particular, 26 companies and individuals from 11 countries, including China and Serbia, have been sanctioned for helping Russia circumvent sanctions by importing critical technologies and equipment for the military-industrial sector.

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