U.S. OFAC sanctions 13 entities for helping Russia evade sanctions through cryptocurrency

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) on Monday sanctioned 13 entities and two individuals for facilitating the evasion of sanctions by Russian nationals by establishing cryptocurrency-related services. OFAC said in a statement that many of the individuals and entities sanctioned on Monday facilitated transactions or provided services to help other named entities evade sanctions. "Russia is increasingly turning to alternative payment mechanisms to circumvent U.S. sanctions and continue to fund its war in Ukraine," Brian E. Nelson, undersecretary for terrorism and financial intelligence, said in a statement. Nelson added that the Treasury Department will continue to "expose and disrupt companies that seek to help sanctioned Russian financial institutions reconnect with the global financial system." (The Block)