US Lawmakers Urge Treasury Action on Russian Crypto Exchange Sanctions Evasion

US Legislators Call for Treasury Action to Address Sanctions Evasion by Russian Crypto Exchange

US Representatives Gabe Amo (D-RI), Brad Sherman (D-CA), and Gerald E. Connolly (D-VA) have appealed to US Treasury Secretary Janet Yellen to address concerns regarding the Moscow-based cryptocurrency exchange, Garantex. The lawmakers expressed worry over reports indicating that Garantex has been involved in facilitating the evasion of sanctions and financing Russia’s invasion of Ukraine. According to these reports, Garantex enabled the transfer of $20 billion in cryptocurrency, mainly through tether stablecoins (USDT), despite the sanctions imposed in April 2022. In their letter, the lawmakers requested information regarding the measures taken by the US government to combat such evasion, the role of Tether in this matter, and any additional tools required to prevent further sanctions evasion through cryptocurrency exchanges.