US goes after Russian fintech for Ukraine sanctions.

March 25, 2024
1 min read


  • US Treasury imposes sanctions on Russian fintech operators for aiding in sanctions evasion.
  • Thirteen entities and two individuals were designated for developing or offering services in virtual assets to evade US sanctions on Russia.

The US Treasury has taken action against Russian financial services and technology firms and individuals for their role in developing or offering services in virtual assets aimed at evading US sanctions on Russia due to its invasion of Ukraine. The Office of Foreign Assets Control (OFAC) designated 13 entities and two individuals in the latest round of Russian sanctions, targeting Russia’s core financial infrastructure to block its use of the international financial system in furthering its aims in the Ukraine conflict.

The financial sanctions update by Cyber OFSI on 25th March 2024 included three new entries to the UK Sanctions List under the Cyber financial sanctions regime, subject to an asset freeze.
The European Council also added Mohamed Ibrahim al-Shafi’i Al-Salem and Katiba Macina to the EU autonomous list of persons, groups, undertakings, and entities associated with ISIL(Da’esh) and Al-Qaeda, subject to EU restrictive measures.

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