The US Treasury Department's Office of Foreign Assets Control (OFAC) imposed sanctions on 13 entities and two individuals on Monday for assisting potential sanctions evasion on behalf of Russian nationals through the establishment of cryptocurrency-related services. According to research firm Chainalysis, Netex24 and Bitpapa have conducted transactions with Russian banks that have been sanctioned by the Office of Foreign Assets Control.

In a statement, OFAC noted that many of the individuals and entities sanctioned on Monday facilitate transactions or provide services to help other designated entities evade sanctions.

Brian E. Nelson, Deputy Assistant Secretary for Terrorism and Financial Intelligence at the US Treasury Department, stated in the declaration that Russia is increasingly turning to alternative payment mechanisms to evade US sanctions and continues to provide funding for its war against Ukraine. The Treasury Department will continue to expose and disrupt companies that seek to help sanctioned Russian financial institutions reintegrate into the global financial system.