The US Treasury Division has imposed sanctions on a number of Russian monetary companies and know-how gamers, together with blockchain agency Atomyze, for his or her position in growing or offering companies in cryptocurrencies aimed toward evading sanctions towards Russia associated to the Ukraine struggle.
The US Treasury Division’s Workplace of Overseas Property Management (OFAC) recognized 13 entities and two people within the newest spherical of sanctions. These sanctions goal Russia’s core monetary infrastructure to stop Russia from utilizing the worldwide monetary system to additional its Ukrainian struggle targets.
5 of those entities had been recognized by OFAC as a result of they’re owned or managed by people presently sanctioned. Among the many companies focused was Atomyze, a fintech agency managed by sanctioned Russian billionaire Vladimir Potanin’s Interros Holding funding group.
Atomyze was focused for its work to tokenize treasured metals and diamonds for Russian corporations and its partnership with sanctioned Russian banks Rosbank and Sovcombank. Atomyze gained Russia’s first authorities license to subject and change digital monetary property in February 2022, simply three weeks earlier than Russian forces invaded Ukraine. In July 2022, Atomyze launched the primary digital token backed by palladium produced by Nornickel, a sanctioned metallic producer additionally managed by Potanin.
Different corporations positioned on OFAC’s listing of specifically designated nationals embody fintech agency Lighthouse, which closed the primary cash-backed Russian digital asset deal in June 2022. The Treasury mentioned Lighthouse was working with Russia’s sanctioned central financial institution and main sanctioned lenders VTB and Sberbank.
Different monetary know-how companies topic to OFAC sanctions embody B-Crypto, Masterchain and Veb3 Know-how. The sanctions usually prohibit US greenback transactions by the businesses in query and the US monetary system.
*This isn’t funding recommendation.