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The United States Internal Revenue Service (IRS) has reportedly provided advanced training to Ukrainian law enforcement officials to help uncover illegal cryptocurrency transactions carried out by Russian businesses and billionaires. According to experts, Russia may use digital assets to evade Western sanctions or fund war-related activities in Ukraine. The US Treasury Department had previously imposed sanctions on five crypto addresses linked to Task Force Rusich, a Russian paramilitary organization responsible for atrocities against Ukrainian soldiers. 
The Wall Street Journal reported that the IRS authorized Ukraine to use Chinalysis Reactor, a crypto investigation program that links cryptocurrency transactions to real-world businesses. Ukrainian investigators have also received in-person training from the US Department of Justice, which could provide an advantage in the economic conflict with Russia. 
According to Eduard Fedorov, Acting Director of Ukraine’s Economic Security Bureau, the country is resisting the aggressor state on the battlefield and the economic front. Another priority for Ukrainian officials is to stop Russian cryptocurrency fundraising operations. Yurii Vykhodets, head of Ukraine’s National Police’s cyber department, noted that Russia frequently employs Bitcoin to bypass sanctions and raise funds to purchase war-related items. 
Since Russia invaded Ukraine in February 2022, the world’s largest country by landmass has faced heavy sanctions from the United States, the European Union, Australia, and other countries. These sanctions aim to curb Russia’s aggression and reduce its military capabilities. Government agencies and notable personalities have also cautioned cryptocurrency companies against associating with Russia, as sanctioned oligarchs and organizations may use digital currencies to evade punishment or finance war-related operations. 
Christine Lagarde, President of the European Central Bank, warned that entities dealing with Russia may face increased scrutiny. The International Monetary Fund (IMF) advised that the country mine bitcoin and altcoins to avoid restrictions. Last year, the US Treasury Department added five bitcoin addresses to its sanctions blacklist, all linked to Task Force Rusich, a neo-Nazi paramilitary group responsible for combat and atrocities on Ukrainian land. 
In conclusion, the IRS’s sophisticated training of Ukrainian law enforcement authorities and the use of Chinalysis Reactor could help uncover illegal Russian cryptocurrency transactions. The collaboration between the US and Ukraine may provide an advantage in the economic conflict with Russia. Ukrainian officials aim to stop Russian cryptocurrency fundraising operations, which may help fund war-related activities in Ukraine. The world’s largest countries have imposed heavy sanctions on Russia to curb its aggression, and government agencies and notable personalities have cautioned cryptocurrency companies against associating with Russia. 
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The post <a rel="nofollow" href="https://bitcoinworld.co.in/ukraine-seeks-to-trace-illicit-crypto-transactions-with-american-help/">Ukraine Seeks to Trace Illicit Crypto Transactions With American Help&nbsp;</a> appeared first on <a rel="nofollow" href="https://bitcoinworld.co.in">BitcoinWorld</a>.

Ukraine Seeks to Trace Illicit Crypto Transactions With American Help

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