WASHINGTON, Wednesday, May 1, 2024- The United States imposed sanctions on Thursday on cryptocurrency addresses linked to a Russian drone manufacturer, targeting its ability to finance operations potentially involved in supplying weapons to support the war in Ukraine.1
The Treasury Department’s Office of Foreign Assets Control (OFAC) identified the drone maker and several virtual wallet addresses associated with the company. Transactions involving these addresses are now prohibited for US citizens and companies.
“The U.S. imposed sanctions on 20 companies based in China and Hong Kong, following repeated warnings from Washington about China’s support for Russia’s military, including during recent trips by Treasury Secretary Janet Yellen and U.S. Secretary of State Antony Blinken to the country,” CNBC reported. 2
“These actions are intended to disrupt the financing of Russia’s war machine and hold them accountable for their aggression in Ukraine,” said a senior Treasury Department official in a statement.1
The specific drone manufacturer and details of the targeted crypto addresses were not publicly disclosed, citing national security concerns. However, the action highlights the US government’s growing focus on curbing Russia’s ability to leverage cryptocurrencies to fund its military activities.
This move comes amidst ongoing concerns that Russia could be using crypto to evade traditional sanctions. The US is likely to continue monitoring crypto transactions and take further actions to restrict Russia’s access to these financial resources.
The full statement can be read here
- home.treasury.gov: https://home.treasury.gov/news/press-releases/jy2318[↩][↩]
- CNBC.com: https://www.cnbc.com/2024/05/02/us-issues-hundreds-of-sanctions-targeting-russia-takes-aim-at-chinese-companies.html[↩]
