Crackdown on Russian Sanctions Evasion Network

The Biden administration imposed new sanctions targeting an illicit finance network aiding Russian elites in evading sanctions through digital assets. Key figures include George Rossi and Elena Chirkinyan. The network's activities involve laundering, exchanging cash for cryptocurrency, and providing financial services to sanctioned individuals.

In a significant move, the Biden administration enforced a new series of Russia-related sanctions on Wednesday. The focus of these sanctions is an illicit finance network, accused of allowing Russian elites to bypass existing restrictions via digital assets.

The U.S. Department of Treasury's statement highlights five individuals and four entities connected to the extensive TGR Group, described as facilitating major sanctions circumvention. This network is believed to involve a Wyoming entity part-owned by a sanctioned individual.

Among those targeted are George Rossi and Elena Chirkinyan. The network's operations include laundering funds for sanctioned entities, providing unregistered cryptocurrency services, and allowing high-net worth Russians to purchase UK property, according to the Treasury.

(With inputs from agencies.)