Dubai firm with crypto nexus sanctioned for aiding Russian sanctions evasion

Concurrently, OFAC has expanded its Russian sanctions program for future targeting of individuals and entities involved in key sectors of the Russian economy. Much of this activity has involved helping Russian nationals move their money into UAE bank accounts and obtain fraudulent passports. Russian sanctions evasion: The crypto industry must stay vigilantToday’s many sanctions designations show that the United States remains committed to ensuring Russian nationals close to the Putin regime are unable to interact with the world financial system. And the designation of Hanafin and Huriya in particular show that the agency is monitoring the intersection of Russian sanctions evasion and cryptocurrency. While cryptocurrency may still play a role in Russian sanctions evasion, we hope that this blog shows why crypto is actually a poor tool for such nefarious activity.