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March 25, 2022

Russians Will Find It Hard to Use Cryptocurrency for Large Sanctions Evasions

S&P Global

As the U.S. Treasury Department increases scrutiny of crypto currency transactions following new financial sanctions placed on Russia in response to its invasion of Ukraine, Richard Levin, partner and chair of the FinTech and Regulation Practice at Nelson Mullins, said in a recent interview with S&P Global: “An institution that handles crypto currently is under a higher degree of focus from regulators, in light of the concern that digital assets can be used for facilitation of money laundering.”

Levin said governance of regulated institutions like banks and crypto platforms, which permit the flow of funds, make the task of trying to launder money through one of these sources challenging since they must ensure compliance with sanctions rules, making the movement of large quantities extremely difficult.