September 21, 2022

US Treasury warns Russia could use crypto to evade sanctions.

US is worried that Russia could use cryptocurrencies to evade economic sanctions that were put after its invasion of Ukraine.

Elizabeth Rosenberg, Treasury’s assistant secretary for Terrorist Financing and Financial Crimes responded positvely when she was asked if Russia is using crypto.

The Treasury Department has already identified some Russian entities that are trying to use cryptocurrencies to circumvent sanctions.

Earlier around twenty two individuals and two entities, including a neo-Nazi paramilitary group, were found to be helping Russia finance the war digitally.

Russia also announced its plans for a CBDC and affirmed that it would indulge in international trading.

US Treasury confirmed that anonymity-enhancing technologies and other tools used to hide crypto transactions can interfere with sanctions enforcement.

Earlier, the US Treasury declared sanctions on several crypto mixers including Tornado Cash.