US uncovers network that helped Russian elites bypass sanctions and launder money
In the US, a network was uncovered that helped Russian elites (Illustrative photo: Getty Images)
The US has imposed new sanctions today related to Russia. These sanctions target an illegal financial network that allowed the Russian elite to use digital assets to bypass sanctions, reports Reuters.
According to Reuters, the new sanctions target five individuals and four entities. They are linked to a widespread international network of businesses and individuals who facilitated significant sanctions evasion, known as the TGR Group.
The list also includes an organization based in Wyoming, which is partially owned by an individual already under sanctions.
"Through the TGR Group, Russian elites sought to exploit digital assets - in particular US dollar-backed stablecoins - to evade US and international sanctions, further enriching themselves and the Kremlin," said Acting Under Secretary for Terrorism and Financial Intelligence Bradley Smith.
The activities of this network include:
- money laundering associated with organizations under sanctions;
- providing unregistered cash and cryptocurrency exchange services;
- receiving cash and providing it to clients in the form of cryptocurrency;
- offering prepaid credit card services;
- concealing the source of funds to allow wealthy Russian citizens to purchase property in the United Kingdom.
The new sanctions are designed to prohibit US individuals and entities from engaging in any transactions with the sanctioned entities and to freeze any US-owned assets belonging to those affected by the sanctions.
Sanctions against Russia
Earlier, we reported that sanctions were also imposed on vessels from Russia's shadow fleet, which, according to British authorities, help evade Western restrictions on oil exports.
