The United States on Wednesday unveiled sanctions on five people and four entities, including a firm in Thailand, for allegedly being involved in a global network of "sanctions circumvention on behalf of Russian elites”.
Apart from Thailand, the US Treasury Department’s announcement identified entities in the United Kingdom and the United Arab Emirates.
The parties targeted are associated with or leverage the TGR Group, which the department called "an extensive sanctions evasion and money laundering network."
"Through the TGR Group, Russian elites sought to exploit digital assets -- in particular US dollar-backed stablecoins -- to evade US and international sanctions," said Bradley Smith, Treasury's acting under secretary for terrorism and financial intelligence.
He added that the United States and partners are "committed to disrupting any effort by Russia to use digital assets or other illicit financial schemes to accrue, store and transfer their ill-gotten gains."
For more information: US Treasury’s press release.
Among the individuals are George Rossi, a Ukrainian national who is believed to be in control of TGR Group, alongside direct subordinate Elena Chirkinyan, a Russian.
The action on Wednesday also "identifies a Wyoming-based entity that is owned 50 percent or more by a sanctioned individual," the Treasury said.
The sanctions came about through cooperation with the United Kingdom, UAE and others.
"We will continue to protect the international financial system and take action against sanctions evaders inside and outside of Russia," said State Department spokesman Matthew Miller.
With the sanctions, all property and interests in property of blocked individuals in the United States must be reported to US authorities.
