White House reiterates that the Treasury is on the lookout for crypto in Russian sanctions evasion

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White House reiterates that the Treasury is on the lookout for crypto in Russian sanctions evasion | The Block archive.ph/0ACqH

10 sats \ 7 comments \ @cryptocoin 11 Mar 2022 bitcoin

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0 sats \ 5 replies \ @cryptocoin OP 11 Mar 2022

In a March 11 fact sheet on sanctions on Russia, the White House is once again spotlighting crypto as an area of concern.

"Treasury is closely monitoring any efforts to circumvent or violate Russia-related sanctions, including through the use of virtual currency,"

There has, however, been a great deal of scrutiny on crypto exchanges that have not geo-blocked Russian users, despite no sanctions regime yet requiring them to do so. Despite no formal regime, a number of companies, both in finance and consumer goods, have cut off sales within Russia.

A firm that does business in the US can, if it services a sanctioned entity even unknowingly, be liable for criminal charges.

0 sats \ 3 replies \ @cryptocoin OP 11 Mar 2022

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White House reiterates that the Treasury is on the lookout for crypto in Russian sanctions evasion https://www.theblockcrypto.com/linked/137504/white-house-reiterates-that-the-treasury-is-on-the-lookout-for-crypto-in-russian-sanctions-evasion

0 sats \ 1 reply \ @cryptocoin OP 11 Mar 2022

New guidance by the Department of Treasury to Thwart Sanctions Evasion, including through Virtual Currency.

The Department of the Treasury, through new guidance, will continue to make clear that Treasury’s expansive actions against Russia require all U.S. persons to comply with sanctions regulations regardless of whether a transaction is denominated in traditional fiat currency or virtual currency. Treasury is closely monitoring any efforts to circumvent or violate Russia-related sanctions, including through the use of virtual currency, and is committed to using its broad enforcement authorities to act against violations and to promote compliance.

FACT SHEET: United States, European Union, and G7 to Announce Further Economic Costs on Russia https://www.whitehouse.gov/briefing-room/statements-releases/2022/03/11/fact-sheet-united-states-european-union-and-g7-to-announce-further-economic-costs-on-russia/