The Office of Foreign Assets Control sanctioned 13 entities and two individuals for helping sanctioned entities to evade sanctions in Russia.
The U.S. Department of the Treasury’s Office of Foreign Assets Control on Monday sanctioned 13 entities and two individuals for facilitating potential sanctions evasion on behalf of Russian nationals by building cryptocurrency-related services.
“Russia is increasingly turning to alternative payment mechanisms to circumvent U.S. sanctions and continue to fund its war against Ukraine,” said Brian E. Nelson, Under Secretary of the Treasury for Terrorism and Financial Intelligence, in the statement. Two firms — Netex24 and Bitpapa — particularly stood out among all the newly sanctioned entities, according to Chainalysis. OFAC noted that Netex24 and Bitpapa have a history of transacting with OFAC-sanctioned banks, crypto exchanges and darknet markets by using crypto.
Chainalysis continued, citing on-chain data, to report that over the past two years, Netex24 and Bitpapa have “facilitated significant sending of funds to sanctioned entities.” The research firm pointed out that darknet markets constituted a significant portion of the transaction history in terms of outflows from the two to illicit and risky services.
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