Treasury Sanctions Pro-Russian Groups Using Crypto to Raise Money

Share IT

Key Takeaways:

  • Five cryptocurrency addresses connected to the Russian organization known as “Task Force Rusich” were added to the sanctions lists by the US Treasury Department on Thursday.
  • To aid soldiers battling in Ukraine, “Task Force Rusich” raised thousands of dollars in cryptocurrency.

Following Russia’s second invasion of Ukraine in February 2022, the United States and a global alliance of friends and partners moved quickly to significantly cut off Russia’s access to the global financial system.

Two cryptocurrency addresses for Bitcoin (BTC), two for Ether (ETH), and one for Tether were part of the penalties against Task Force Rusich, a neo-Nazi paramilitary organization (USDT).

In a notice published on Thursday, the U.S. Treasury added 22 people and two entities to its list of Specially Designated Nationals, efficiently and successfully prohibiting U.S. citizens and businesses from doing business with them.

This list included many people who the government department claimed had helped the Russian government’s goals in Ukraine

The Treasury Department stated in a press release that “today’s action is being taken in coordination with those taken by the U.S. Department of State, which is targeting Russia’s defense and high-technology industries, as well as by the U.S. Department of Commerce, which is imposing additional export control measures to further align with partners and allies.

Given the extensive sanctions placed on Russia’s financial system this year, OFAC is also releasing a Frequently Asked Question (FAQ) to offer additional guidance on the increased risk of aiding Russia’s efforts to evade sanctions through the expanded use of the National Payment Card System (NSPK) or the Mir National Payment System.

Treasury Sanctions Pro-Russian Groups Using Crypto To Raise Money

Ukraine-Russia-Related Sanctions” is one of the numerous subjects you can search and enquire about in the FAQ area.

Crypto donations started flooding into the area before Russia started its assault in February of this year as both sides looked to international supporters, using digital assets to get over border barriers.

The government’s efforts to “hold Russia liable for its war crimes, tragedies and invasions,” economically alienate Russian President Vladimir Putin, and stop the nation from funding its military, according to Treasury Secretary Janet Yellen, led to the imposition of the sanctions.

Task Force Rusich, according to the U.S. Treasury, was a Neo-Nazi paramilitary organization that fought with the Russian military in the Ukraine conflict this year.

It claims that members of the gang were caught on camera in 2015 carrying out “atrocities against deceased and captured Ukrainian soldiers.”

The Rusich Sabotage and Assault Reconnaissance Group is a Russian paramilitary organization that has its roots in St. Petersburg and operates under a variety of names, including “Military-Patriotic Club Rusich” and “Rusich Sabotage and Assault Reconnaissance Group.”

In recent months, OFAC has intensified its scrutiny and sanctions on cryptocurrency addresses, including the Tornado Cash coin mixing service and a number of Ethereum addresses due to the service’s alleged role in money laundering.

Several other subjects were added to and deleted from the Treasury’s sanctions list as a result of this revelation. The other parties identified in today’s declaration have addresses in Libya, Zimbabwe, and Russia.

Share IT
Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

Get Daily Updates

Crypto News, NFTs and Market Updates

Claim Your Free Trading Guide

Sign up for newsletter below and get your free crypto trading guide.

Can’t find what you’re looking for? Type below and hit enter!