Together, the Ministry of Digital Transformation of Ukraine and the analytical company Crystal Blockchain are planning work to detect transactions of citizens of the Russian Federation who are under sanctions.
New important partnership: @mintsyfra x @CrystalPlatform. We will detect suspicious crypto transactions. Crystal has updated entities list to track crypto activity of Russian officials, who try to avoid sanctions using crypto assets. Report here: https://t.co/G3798kl7Ch https://t.co/jYTkXmLKDU
— Alex Bornyakov (@abornyakov) March 4, 2022
Based on the requirements of the Office of Foreign Assets Control of the US Department of the Treasury (OFAC), individuals and legal entities that are subject to sanctions cannot conduct operations on cryptocurrency wallets.
The Crystal service has already updated information about virtual assets owned by sanctioned persons. Now the company will receive up-to-date information from the local authorities of Ukraine, the Ministry of Digital Development and the Cyber Police.
According to Deputy Minister of Digital Transformation Alexander Bornyakov, the department will work to “block the assets of Russians under sanctions.”
To report suspicious transactions, you can use this link.
Before this series exchanges And crypto platforms announced their readiness to block Russian users if sanctions are extended to individual citizens.
At the moment, the Ministry of Digital Development of Ukraine has confirmed that they will require from cryptocurrency exchanges completely block the wallets of users from the Russian Federation.
