US and EU double down on measures against Russia potentially using crypto to evade sanctions
The United States and the European Union have announced new actions targeting Russia’s economy and wealthy individuals as a report suggests Vladimir Putin’s allies have attempted to circumvent sanctions using cryptocurrency in foreign countries.
In a Friday announcement, the White House said leadership from the United States, Canada, France, Germany, Italy, Japan, the United Kingdom and the European Union will take additional actions aimed at economically isolating Russia in response to President Vladimir Putin’s military invasion of Ukraine. The announcement includes banning imports of many Russian goods, banning the export of luxury goods to Russia and guidance for the U.S. Treasury Department to monitor the country’s attempts to evade existing sanctions.
“Treasury’s expansive actions against Russia require all U.S. persons to comply with sanctions regulations regardless of whether a transaction is denominated in traditional fiat currency or virtual currency,” said the White House. “Treasury is closely monitoring any efforts to circumvent or violate Russia-related sanctions, including through the use of virtual currency, and is committed to using its broad enforcement authorities to act against violations and to promote compliance.”
Had a substantive conversation with @POTUS. Gave him the assessment of the situation on the battlefield, informed about the crimes of Russia against the civilian population. We agreed on further steps to support the defense of Ukraine and increase sanctions against Russia.
The United States’ policy is part of a coordinated effort with the European Union and G7 nations to “collectively ramp up pressure on Putin” and impose additional financial restrictions on Russia. On Wednesday, the European
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