United

Bitcoin

The U.S. Department of the Treasury and its Office of Foreign Assets Control (OFAC) sanctioned a Russian businesswoman on <a href="https://home.treasury.gov/news/press-releases/jy1874">Nov. 3</a>. 
The agency said that Russian national Ekaterina Zhdanova helped the country’s elites launder and move funds using virtual currency and other methods. 
The Treasury said that Zhdanova used virtual currency to perform large cross-border transactions. Specifically, it said that Zhdanova was asked by one Russian oligarch to move over $100 million to the United Arab Emirates. Zhdanova was also involved in creating a United Arab Emirates tax residency service for Russian clients, which involved payments in both cash and virtual currency. 
The agency added that Zhdanova laundered $2.3 million for an affiliate of the Russian ransomware group Ryuk, which typically relies on crypto payments. The Treasury believes that the funds originated as payment from ransomware victims. 
The Treasury said that Zhdanova relies on services that do not have AML/CFT controls, including one Russian crypto exchange called Garantex, itself designated in 2022. 
The Treasury suggested that Zhdanova additionally moves money through other traditional, non-cryptocurrency means, including cash, connections to other money launderers, and a luxury watch company. In March 2022, she helped a Russian client obscure and move more than $2.3 million to Western Europe through a fraudulently opened investment account and through real estate purchases. 
<h2 id="sanctions-prohibit-most-transactions">Sanctions prohibit most transactions</h2> 
Today’s sanctions block most transactions between Zhdanova and financial institutions or individuals. The sanctions also block the transfer of any of Zhdanova’s property that is held by a U.S. entity; furthermore, it requires such property to be reported to OFAC. 
Though the sanctions apply to a variety of funds and property, an attached page lists three <a href="https://cryptoslate.com/coins/bitcoin/">Bitcoin</a> addresses that belong to Zhdanova and are now restricted. 
OFAC has sanctioned numerous other Russia-linked entities, with many of those sanctions arriving in the wake of the country’s 2022 invasion of Ukraine. Other notable sanctions targeted the Russian mining firm <a href="https://cryptoslate.com/us-levies-fresh-sanctions-against-russian-entities-including-bitcoin-miner-bitriver/">Bitriver</a> and members of a Dubai-based firm called <a href="https://cryptoslate.com/treasury-sanctions-huriya-ceos-tether-address-over-russian-connections/">Huriya Private</a>. Chainalysis <a href="https://www.chainalysis.com/blog/ofac-sanctions/#all-sanctions">maintains a list</a> of other recent sanctions. 
The post <a rel="nofollow" href="https://cryptoslate.com/us-treasury-sanctions-russian-national-for-helping-oligarchs-evade-sanctions-with-crypto/">US Treasury sanctions Russian national for helping oligarchs evade sanctions with crypto, cash, and real estate</a> appeared first on <a rel="nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

US Treasury sanctions Russian national for helping oligarchs evade sanctions with crypto, cash, and real estate

Table of Contents

CryptoSlate

Other articles published on Nov 3, 2023

Elon Musk’s xAI set to launch to select group tomorrow

Cathie Wood: “Bitcoin is the only asset to store for the next 10 years”

WeFi newsletter — November Edition

Enter the Kissanverse, a Real-Time Metaverse Gaming Environment Powered by KSN Token.

New Malware Linked to Lazarus Hack Group Discovered in Apple’s macOS System

XRP Dominates Indian Exchange Trading Together With Bitcoin

Join our free newsletter for daily crypto updates!