US Treasury Ministry of Foreign Assets Control Office (OFAC), Russian -based crypto currency exchange Garantex and Ruble -supported Stablecoin A7A5 allegedly connected to the network of companies, managers of these companies and some crypto wallets announced new sanctions against. The institution points out that this network helps Moscow to overcome international sanctions. US officials said that the step in question was taken to prevent the use of the financial system associated with US law through Russian -based sanction targets.
GARANTEX AND GRINEX
According to the shared announcement, Garantex, which was established in 2019 and has a license in Estonia for a period, carried out more than $ 100 million transactions in connection with ransom software attacks and illegal digital activities. In cooperation with the US officials, Germany and Finland police units, in March, Garantex seized the web domain name and froze 26 million dollars.
Immediately after Garantex terminated his activities, a new formation called Grinex emerged. The sanction statement claimed that Grinex took over from Garantex from Garantex and used the A7A5 token to re -access their assets.
A7A5 Token
The A7A5 stablecoin was developed and released by Kyrgyzstan -based OLD Vector for Russian users. According to OAC, the A7A5 was supported by the Russian State Bank Promsvyazbank (PSB) and the Moldovan politician Ilan Shor was reported to be involved. PSB had previously been sanctions on defense industry financing.
Within the scope of the sanctions, Old Vector, A7 LLC and its affiliated organizations were banned from performing transactions with US dollars with the US dollar and A7 Agent was prevented from performing transactions with these organizations or related crypto wallets.
In addition, Garantex’s lock managers, Sergey Mendeleev, Aleksandr Mira Serda and Pavel Karavatsky, and Indefi Bank and Exved companies owned by Mendeleev were sanctioned. It was suggested that these people allowed Russian enterprises with sanctioning through crypto assets.
US Treasury Ministry of Treasury Undersecretary of Terrorism and Financial Intelligence John K. Hurley: “The use of crypto currency exchanges as an instrument for money laundering and ransom software attacks not only threatens our national security, but also damages the reputation of honest virtual asset service providers.”
Sanctions and crypto currencies
According to the Blockchain analysis company Elliptic, the A7A5 Token has reached $ 1 billion as of July and allegedly allowed Russian companies to complete cross -border payments without using the traditional banking mechanism.
Another analysis company Chainalysis, on the other hand, said that the total transaction volume of the A7A5 token exceeded 51 billion dollars as of the end of July, and in this way the sanctions on Russia were more easily overcome. The company emphasized that the A7A5 network is shaped by considering “Russia’s search for alternative payments”.
It is stated that these sanction decisions taken by the US Treasury are aimed to prevent Russia from overcoming sanctions by using crypto currency channels, and to isolate people and institutions that carry out such activities from the global financial system.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
