Experts say an increased reliance on cryptocurrency would be an inevitable avenue for Russia to try to prop up its financial transactions, but Treasury officials have rejected the claim that cryptocurrency could be a major driver of sanctions evasion.
“Russia is increasingly turning to alternative payment mechanisms to circumvent US sanctions and continue to fund its war against Ukraine,” Treasury Under Secretary Brian E. Nelson.
“As the Kremlin seeks to leverage entities in the financial technology space, Treasury will continue to expose and disrupt the companies that seek to help sanctioned Russian financial institutions reconnect to the global financial system.”
State Department spokesman Matthew Miller said Monday’s action “reaffirms the G7 commitment to curtail Russia’s use of the international financial system to further its war against Ukraine. It also reflects our continued efforts to target companies servicing Russia’s core financial infrastructure.”
