U.S. Says Russian Businesswoman Helped Oligarchs Avoid Sanctions
U.S. government points fingers at a Russian businesswoman for her alleged involvement in assisting oligarchs to bypass sanctions.
On Friday, the U.S. Treasury Department imposed sanctions on a Russian businesswoman accused of facilitating oligarchs to evade U.S. sanctions. The case implicates a Russian businesswoman for aiding oligarchs, alleging that she assisted Russian oligarchs and cybercriminals in utilizing cryptocurrencies to circumvent U.S. sanctions.
Treasury officials disclosed that Ekaterina Zhdanova, 37, used virtual currencies to facilitate large-scale cross-border transactions. She took advantage of platforms with lax regulatory oversight, such as the Russian cryptocurrency exchange Garantex, which the US had sanctioned the year before.
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Despite being on the U.S. blacklist, Garantex became a major conduit for Russians transferring money into and out of the nation. The Wall Street Journal detailed this development in great detail in October.
“Through key facilitators like Zhdanova, Russian elites, ransomware groups, and other illicit actors sought to evade U.S. and international sanctions, particularly through the abuse of virtual currency,” said Brian Nelson, undersecretary for terrorism and financial intelligence at Treasury.
Russian businesswoman targeted for alleged role in aiding oligarchs
The Treasury Department provided Zhdanova’s Moscow address, but she did not immediately respond to a request for comment. In a similar vein, a Garantex representative also took some time to reply when a comment was requested.
The Treasury Department disclosed that an unidentified Russian tycoon requested Zhdanova’s help in relocating assets valued at more than $100 million to the United Arab Emirates. According to the Treasury, Zhdanova promised her clients bank accounts, identity cards, and tax residence in the United Arab Emirates in exchange for Bitcoin or cash payments.
According to the Treasury, she helped people connected to the Ryuk ransomware group in Russia launder over $2.3 million in money that they had taken from alleged victims. In the US and other countries, Ryuk has been used to coerce people into paying money. A Russian national admitted guilt in February to using cryptocurrencies to launder the money gained from Ryuk’s attacks in a U.S. federal court.
According to the Treasury, she helped people connected to the Ryuk ransomware group in Russia launder over $2.3 million in money that they had taken from alleged victims. In the US and other countries, Ryuk has been used to coerce people into paying money. A Russian national admitted guilt in February to using cryptocurrencies to launder the money gained from Ryuk’s attacks in a U.S. federal court.
