The US Treasury has announced that members of the multilateral task force on Russian Elites, Proxies and Oligarchs, or REPO, have targeted cryptocurrencies in attempts by Russian entities to evade sanctions.
In a March 9 announcement, The US Treasury said the task force had blocked or frozen more than $58 billion in assets subject to sanctions since the Russian military invaded Ukraine in February 2022.. REPO team members have worked to “counter Russian sanctions evasion,” which included illicit crypto transactions.
“As Russia’s Aggressive War Continues, REPO Members Remain Resolute In Their Commitment To Impose Steep Costs On Russia”said the task force. “REPO will continue to identify, locate and freeze the assets of sanctioned Russians, with the goal of depriving the Kremlin of the funds it needs to fight its illegal war.”
Since the conflict in Ukraine began in February 2022, the US Treasury’s Office of Foreign Assets Control, as well as its counterparts in the European Union, have imposed strict sanctions against Russia-linked entities in an effort to slow down the machinery. warlike. However, according to a Chainalysis report on the first anniversary of the war, pro-Kremlin groups and propaganda outlets were able to use crypto transactions to raise approximately $5 million for their cause.
REPO added that Russia-linked assets under its members’ jurisdictions would remain “frozen” until the end of the conflict.. At the time of this article’s publication, there is no sign that the war is abating, with large swaths of Ukrainian territory under Russian occupation and many cities in Ukraine at risk of attack.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.