The US and UK governments have launched a joint investigation into crypto transactions worth over $20 billion that may have violated Russian sanctions, Bloomberg News reported on March 28.
The transactions, suspected of being routed through the Russia-based crypto exchange Garantex, aim to evade international sanctions and potentially fund military activities in Ukraine.
In recent months, the US has been increasingly cracking down on the use of crypto to evade sanctions. It most recently sanctioned crypto wallets linked to GAZA Now.
Sanction evasion
The Moscow-based exchange allegedly processed these significant amounts using Tether’s stablecoin USDT despite sanctions imposed on it by both countries for its supposed role in financial crimes and facilitating illicit transactions within Russia.
Despite the comprehensive sanctions against Russia, Western nations have encountered challenges in sealing off financial inflows into the country.
Russia reportedly adopts various strategies to
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