The administration of US President Joe Biden introduced today a new round of Russia-related sanctions targeting the so-called called an illegal financial network that allows the Russian elite to use digital assets to avoid already imposed sanctions, Reuters reported, quoted by BTA.
The US Treasury Department said in a statement that the sanctions targeted five individuals and four entities associated with a "broad international network known as the "TGR Group" (TGR Group), from companies and employees who have greatly facilitated the circumvention of sanctions (which the US previously imposed on Russia - note ed.)".
An entity based in Wyoming that is partially owned by a sanctioned person is also subject to sanctions, the Treasury Department said.
Via "TGR Group" representatives of the Russian elite are trying to use digital assets - in particular, stablecoins (cryptocurrencies directly linked to real currencies and other real assets - ed.), backed by US dollars, to avoid US and international sanctions, further enriching themselves and the Kremlin, acting undersecretary for terrorism and financial intelligence Bradley Smith said.
The actions of the international network include "laundering funds associated with sanctioned entities, providing an unregistered cash and cryptocurrency exchange service; receiving cash and providing value to customers in the form of cryptocurrency; providing a prepaid credit card service and concealing the source of funds to allow wealthy Russian nationals to buy property in the UK," the finance ministry statement said.
Such sanctions generally prohibit US persons or companies from conducting transactions with sanctioned entities and freeze any assets belonging to the sanctioned persons or companies in the US.
Among those sanctioned are George Rossi, a Russian-born Ukrainian citizen who the Treasury Department believes controls "TGR Group,", as well as Russian citizen Yelena Chirkinyan, who reports directly to Rossi.