U.S. sanctions Russian entities accused of enabling digital currency sanctions evasion WSOC TV [Video]

WASHINGTON — (AP) — The U.S. on Monday imposed sanctions on a collection of fintech firms and people, mostly in Russia, accused of enabling sanctions evasion.

Treasury’s Office of Foreign Assets Control sanctioned 13 firms — five of which are owned by an already sanctioned person — and 2 people who have all either helped build or operate blockchain-based services for, or enabled virtual currency payments in, the Russian financial sector, “thus enabling potential sanctions evasion,” according to U.S. Treasury.

Included in Monday’s sanctions are a group of Moscow-based fintech companies and a Russia and UAE-based virtual currency exchange, among others.

Lawmakers and administration officials have voiced concerns that Russia may be using cryptocurrency to avoid pain from the avalanche of sanctions imposed on banks, oligarchs and the energy industry in response to Russia’s February 2022 invasion of Ukraine.

Experts say an increased reliance on cryptocurrency would be an inevitable …