Investigation into Sanctions Evasion
US and UK authorities are investigating a massive transfer of $20 billion worth of crypto assets to a Russian crypto exchange, Garantex. The probe is part of a crackdown on individuals and entities evading sanctions imposed on Russia.
Garantex’s Role
Garantex, a Moscow-based crypto exchange, is suspected of facilitating illicit transactions to Russia. It was previously sanctioned by both the US and UK for allegedly disregarding anti-money laundering and anti-terrorist financing regulations.
Largest Sanctions Breach
Sources familiar with the investigation claim that the $20 billion transfer is one of the largest breaches of sanctions imposed on Russia since the start of the Russia-Ukraine war.
Tether’s Response
Tether, the stablecoin used in the transfers, has frozen all assets belonging to entities on the US sanctions list. The company emphasized its commitment to assisting law enforcement in tracking down criminals.
Treasury Department’s Actions
The US Treasury Department’s Office of Foreign Assets Control (OFAC) has recently identified and sanctioned 13 entities and two individuals for circumventing sanctions and aiding Russia.
