"US Targets Russian Fintech Firms for Sanctions Evasion via Virtual Assets and Financial Services"

The US Department of the Treasury's Office of Foreign Assets Control (OFAC) has sanctioned thirteen entities and two individuals in Russia for their involvement in financial services and technology sectors, particularly in developing or offering services in virtual assets that enable the evasion of US sanctions. These designations aim to disrupt Russia's use of alternative payment mechanisms to circumvent sanctions and continue funding its war against Ukraine. The designated entities include fintech companies, virtual currency exchanges, and technology procurement firms that have facilitated transactions or offered services to help sanctioned Russian entities evade sanctions. All property and interests in property of the designated persons in the US are blocked, and foreign financial institutions conducting significant transactions involving Russia's military-industrial base run the risk of being sanctioned by OFAC.