The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) is holding accountable five individuals linked to a money laundering network that enabled Russian elites to circumvent international sanctions.
In a statement, the Treasury Department says it is imposing sanctions on those associated with the TGR Group, which uses digital assets, including the US dollar-pegged stablecoin USDT, to facilitate the financial activities of high-net-worth Russian nationals despite restrictions that were put in place after Russia invaded Ukraine in February 2022.
Russia-born Ukranian national George Rossi is believed to have overall control of the TGR Group. Other members and affiliates include Elena Chirkinyan, Andrejs Bradens, Khadzi-Murat Dalgatovich Magomedov and Nikita Vladimirovich Krasnov.
“As a result of today’s action, all property and interests in property of the blocked persons described above that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC.”
The international network is believed to have laundered funds on behalf of sanctioned entities, provided unregistered services for exchanging cash and cryptocurrency, made cash value available to clients in the form of crypto, provided prepaid credit card services and obfuscated fund sources, which allowed wealthy Russians to buy properties in the United Kingdom.
Says acting Under Secretary for Terrorism and Financial Intelligence Bradley T. Smith,
“Through the TGR Group, Russian elites sought to exploit digital assets—in particular US dollar-backed stablecoins—to evade US and international sanctions, further enriching themselves and the Kremlin.”
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