G7 countries: We will ensure that Russia is not able to use cryptocurrencies to evade sanctions

G7 countries: We will ensure that Russia is not able to use cryptocurrencies to evade sanctions

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Answer G7 countries: We will ensure that Russia is not able to use cryptocurrencies to evade sanctions

It appears that the G7 countries are committed to ensuring that Russia cannot evade sanctions by using crypto.

Recently, the leaders of the Group of Seven countries issued a joint statement Friday regarding the imposition of further sanctions against Russia.

What was stated in the statement is the following:

Since Russian President Vladimir Putin launched an invasion of Ukraine on February 24, our countries have imposed extensive restrictive measures that have severely damaged Russia’s economy and financial system.

Among the measures that the G7 countries have committed to taking are to maintain the effectiveness of our restrictive measures, crack down on evasion and close loopholes.

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In addition to other planned evasion prevention measures, we will ensure that the Russian state, elites, proxies and oligarchy cannot take advantage of cryptocurrencies as a means to evade or offset the impact of international sanctions.

The G7 leaders noted that this would limit their access to the global financial system.

They emphasized that the current sanctions do indeed cover cryptocurrencies.

The statement continues:

We are committed to taking measures to better detect and block any illicit activity, and will impose costs on illicit Russian entities that use digital currencies to enhance and transfer their wealth, consistent with our national operations.

The US Treasury is monitoring the crypto sector to prevent sanctions evasion:

The US Treasury’s Office of Foreign Assets Control (OFAC) also issued guidance on Friday to guard against potential attempts to use the virtual currency to evade US sanctions against Russia.

The directive emphasizes that all persons in the USA must comply with OFAC regulations, regardless of whether the transaction is denominated in fiat currency or virtual currency.

The directive from the US Treasury stated the following:

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People, wherever they are, including companies that process cryptocurrency transactions, must be vigilant against attempts to circumvent OFAC regulations and must take risk-based steps to ensure that they do not engage in prohibited transactions.

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OFAC closely monitors any efforts to circumvent or violate Russia-related sanctions through the use of digital currencies, and is committed to using the broad powers of the law to address abuses and promote compliance.

Last week, Treasury Secretary Janet Yellen told the Treasury that the Treasury is monitoring the use of cryptocurrencies to evade sanctions and the Financial Crimes Tracking Network (FinCEN) has issued red flags about potential sanctions evasion with cryptocurrency.

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