The U.S. Department of the Treasury has sanctioned five individuals and four entities tied to the TGR Group, a sophisticated international sanctions evasion service catering to Russian elites.

The TGR Group, believed to be led by Ukrainian national George Rossi, used cryptocurrencies — including Tether (USDT) — to help clients, including Russian oligarchs, ransomware gangs and international crime syndicates, obfuscate their illicit activities via a variety of money laundering techniques (including the in-person trading of cash for cryptocurrency and pre-paid credit cards) in order to get around international sanctions, according to a Wednesday press release from the Treasury Department. Tether, the issuer of the dollar-pegged stablecoin, froze $8 million worth of tokens held in more than 30 wallets on the same day.

“Through the TGR Group, Russian elites sought to exploit digital assets — in particular U.S. dollar backed stablecoins — to evade U.S. and international sanctions, further enriching themselves and the Kremlin,” Acting Under Secretary for Terrorism and Financial Intelligence Bradley Smith said in a statement. “The United States, alongside our allies and partners, remains committed to disrupting any effort by Russia to use digital assets or other illicit financial schemes to accrue, store and transfer their ill-gotten g

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Author: Cheyenne Ligon