Sanctions News

Russian oil companies have increasingly relied on digital assets and crypto platforms to circumvent financial sanctions, according to the European Commission.

Russia’s rapid DeFi expansion and increase in large-value transfers indicate growing adoption of crypto for financial services, according to Chainalysis.

Brad Garlinghouse has asked that Ripple be “held to the same regulatory standards as a bank” as the company awaits a decision on a national charter from the OCC.

Several banks in Russia, Belarus and Central Asia are also in the EU’s firing line for enabling crypto-related transactions, according to a Bloomberg report.

Despite sanctions and scrutiny, the ruble-backed A7A5 stablecoin surged 250% in a day to reach a $500 million market cap, overtaking all non-US dollar rivals.

The European Union is looking to block Russian crypto transactions, marking the first time that sanctions have directly targeted cryptocurrency platforms.

Iran crypto flows have dropped 11% this year to July amid conflict with Israel, a $90 million hack on local crypto exchange Nobitex and Tether freezing 42 wallets.

The UK sanctioned Kyrgyz banks, crypto exchanges and individuals tied to Russia’s ruble-backed stablecoin.

The US government redesignated Garantex on Thursday to its list of sanctioned entities, along with its successor, Grinex, but TRM Labs suggests it may be ineffective.

The Office of Foreign Assets Control said it was taking additional action against the crypto exchange after including it on its list of Specially Designated Nationals in 2022.

Roman Storm’s trial verdict leaves the door open for US prosecutors to retry the Tornado Cash developer, attorneys said.

The EU has sanctioned multiple entities for using cryptocurrencies to evade restrictions, channel funds, and propagate pro‑Russian disinformation and election interference.

The judge reportedly said she would not be inclined to have attorneys bring up the US Treasury’s 2022 sanctions against Tornado Cash after they were withdrawn in March.

The dismissal came days before Tornado Cash developer Roman Storm was scheduled to face charges in US federal court.

Applying advanced tools for tracking illicit stablecoin transactions is necessary; still, it is not enough to mitigate the risks of mass adoption.