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OFAC Designates Russian FinTech Operators for Helping to Evade Ukraine War Sanctions

OFAC sanctioned a number of financial services firms for facilitating transactions or offering other services that helped OFAC-designated entities evade Ukraine war sanctions.

According to OFAC, thirteen entities and two individuals either helped build or operate blockchain-based services for, or enabled virtual currency payments in, the Russian financial sector. The designations follow OFAC’s February 2024 action to target companies servicing Russia’s core financial infrastructure and curtail Russia’s use of the international financial system to further its war against Ukraine.

Five of the entities were designated for being owned or controlled by persons already sanctioned by OFAC.

Primary Sources

  1. U.S. Department of the Treasury: Press Releases: Treasury Designates Russian Companies Supporting Sanctions Evasion Through Virtual Asset Services and Technology Procurement

Tags

Regulated Activities
Sanctions Compliance
Sub-Activity
Ukraine and Russia Sanctions
Regulated Entities
Foreign Entities
Body of Law
Sanctions
Jurisdiction
US - Federal
Impacted Foreign Jurisdiction
Russia
Organization
Treasury / FinCEN / OFAC / CFIUS
Sub-Author
OFAC