US REPO task force names crypto as target in efforts involving $58B in sanctioned assets

The United States Treasury has announced deputies of the multilateral Russian Elites, Proxies, and Oligarchs, oregon REPO, Task Force person targeted crypto successful Russian entities’ attempts to evade sanctions.

In a March 9 announcement, the U.S. Treasury said the task unit had blocked oregon frozen much than $58 cardinal worthy of assets taxable to sanctions since Russia’s subject invaded Ukraine successful February 2022. Members of the REPO squad person worked to “counter Russian sanctions evasion”, which included illicit crypto transactions.

“As Russia’s warfare of aggression continues, REPO members stay determined successful their committedness to enforce steep costs connected Russia,” said the task force. “REPO volition proceed to identify, locate, and frost the assets of sanctioned Russians, with the purpose of depriving the Kremlin of the funds it needs to combat its amerciable war.”

Since the struggle successful Ukraine began successful February 2022, the U.S. Treasury’s Office of Foreign Assets Control arsenic good arsenic counterparts successful the European Union person imposed strict sanctions against entities tied to Russia successful an effort to dilatory down the warfare machine. However, according to a Chainalysis study connected the one-year day of the war, pro-Kremlin groups and propaganda outlets were capable to use crypto transactions to rise astir $5 million for their cause.

Related: Ukraine-based blockchain steadfast reports institution ‘stronger’ 1 twelvemonth into war

REPO added that assets tied to Russia nether its members’ jurisdictions would stay “immobilized” until an extremity to the conflict. At the clip of publication, determination is nary motion of the warfare abating with ample swaths of Ukrainian territory nether Russian concern and galore cities successful Ukraine astatine hazard of attack.