The Office of Foreign Assets Control (OFAC) has escalated its enforcement efforts by tightening its grip on individuals and entities operating within the financial services and technology sectors in Russia, particularly those involved in virtual assets, enabling evasion of US sanctions.
The enforcement agency claimed that these individuals and entities played a crucial role in facilitating transactions or providing services aimed at aiding other designated entities in circumventing sanctions imposed by the US.
OFAC Tightens Grip on Russian Entities
According to an official statement, OFAC has declared sanctions against thirteen entities and two individuals involved in the financial services and technology sectors within Russia’s economy. Additionally, five entities have been designated for their association with individuals previously designated by OFAC.
Under Secretary of the Treasury for Terrorism and Financial Intelligence, Brian E. Nelson said,
“Russia is increasingly turning
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