The United States and European Union have announced new actions targeting Russia’s economy and wealthy individuals as a report suggests Vladimir Putin’s allies have attempted to circumvent sanctions using cryptocurrency in foreign countries.

In a Friday announcement, the White House said leadership from the United States, Canada, France, Germany, Italy, Japan, the United Kingdom, and the European Union will take additional actions aimed at economically isolating Russia in response to President Vladmir Putin’s military invasion of Ukraine. The announcement includes banning imports of many Russian goods, banning the export of luxury goods to Russia, and guidance for the U.S. Treasury Department to monitor the country’s attempts to evade existing sanctions.

“Treasury’s expansive actions against Russia require all U.S. persons to comply with sanctions regulations regardless of whether a transaction is denominated in traditional fiat currency or virtual currency,” said the White House. “Treasury 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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