HomeNewsG7: We'll ensure Russia doesn't use crypto to evade sanctions

G7: We’ll ensure Russia doesn’t use crypto to evade sanctions

After Russia’s attack on Ukraine, countries around the world have imposed sanctions on the former Soviet nation. However, Russia is looking at crypto to evade sanctions. However, in the latest meeting of G7, they’ve released a joint statement regarding the use of crypto by Russia.

Besides imposing additional sanctions on Russia, the leaders of G7 released a statement saying:

“Our countries have imposed expansive, restrictive measures that have severely compromised Russia’s economy and financial system.”

G7 has looked at various measures for “maintaining the effectiveness of our restrictive measures.”

The statement details:

“Specifically, in addition to other measures planned to prevent evasion, we will ensure that the Russian state and elites, proxies, and oligarchs cannot leverage digital assets as a means of evading or offsetting the impact of international sanctions.

In addition to that, they said:

We commit to taking measures to better detect and interdict any illicit activity, and we will impose costs on illicit Russian actors using digital assets to enhance and transfer their wealth, consistent with our national processes.

Besides G7, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) also issued guidance on Friday. The guidance emphasizes:

“All U.S. persons comply with OFAC regulations, regardless of whether a transaction is denominated in traditional fiat currency or virtual currency.”

In addition to that, the guidance said:

OFAC is closely monitoring any efforts to circumvent or violate Russia-related sanctions, including through the use of virtual currency, and is committed to using its broad enforcement authorities to act against violations and to promote compliance.

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