US Targets Russian Firms Allegedly Bypassing Sanctions with Crypto

Sanctions Evasion Allegations

The US Treasury Department has accused 13 Russian companies and two individuals of providing crypto services to help Russian entities evade sanctions.

Designated Entities

Among the designated entities are:

  • Moscow-based fintech firm B-Crypto, allegedly partnering with Rosbank for cross-border payments using crypto.
  • Fintech firms Masterchain, Laitkhaus, and Atomaiz.
  • Peer-to-peer crypto exchange Bitpapa and centralized exchange Crypto Explorer.
  • Eastern European companies Tokentrust Holdings and Bitfingroup.
  • Blockchain technology firms Veb3 Integrator and Veb3 Tekhnologii, and fintech firm TOEP.

Sanctioned Individuals

The two sanctioned individuals are:

  • Igor Kaigorodov, majority shareholder of Veb3 Integrator and Veb3 Tekhnologii.
  • Timur Bukanov, owner and director of TOEP.

Sanctions on Russia

The US has imposed sanctions on Russia for decades, with severe measures added after the invasion of Ukraine in 2022.

Binance Investigation

Last year, US authorities investigated Binance for potential violations of sanctions on Russia.