The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed sanctions on thirteen entities and two individuals that helped Russian companies to circumvent international restrictions imposed on Russia for its ongoing aggression against Ukraine.

The sanctions primarily target entities operating within the financial services and technology domains, with a focus on those involved in virtual assets that facilitate evasion of US sanctions.

Among the entities sanctioned by OFAC are fintech companies, including Joint Stock Company B-Crypto (B-Crypto), Obshchestvo S Ogranichennoy Otvetstvennostyu Sistemy Raspredelennogo Reyestra (Masterchain), Obshchestvo S Ogranichennoy Otvetstvennostyu Laitkhaus (Laitkhaus), Obshchestvo S Ogranichennoy Otvetstvennostyu Atomaiz (Atomaiz), and Tokentrust Holdings Ltd. These entities have been implicated in activities ranging from facilitating cross-border settlements using virtual currencies to issuing digital financial assets and tokenizing precious metals and diamonds.

Furthermore, several technology companies, including Obshchestvo S Ogranichennoy Otvetstvennostyu Veb3 Tekhnologii and Obshchestvo S Ogranichennoy Otvetstvennostyu Veb3 Integrator, were designated for providing blockchain solutions and platforms that have been utilized within the Russian financial sectors.

Individuals implicated in the sanctions include Timur Evgenyevich Bukanov, owner and director of Obshchestvo S Ogranichennoy Otvetstvennostyu Tsentr Obrabotki Elektronnykh Platezhey (TOEP), and Igor Veniaminovich Kaigorodov, majority shareholder at both Veb3 Tekhnologii and Veb3 Integrator. These individuals have been targeted for their roles in operating within the technology sector of Russia’s economy.

Additionally, OFAC designated Bitfingroup OÜ and Bitpapa IC FZC LLC for their involvement in facilitating financial transactions for OFAC-designated Russian entities, while Crypto Explorer DMCC and its subsidiary, Obshchestvo S Ogranichennoy Otvetstvennostyu Kripto Eksplorer (OOO Kripto Eksplorer), were sanctioned for their operations in virtual currency exchanges and cash services.

These designations build upon previous actions taken by OFAC to target entities servicing Russia’s financial infrastructure and restrict Russia’s access to the international financial system.