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Crypto Scandal: Russian Oligarch Accused Of Sanctions Evasion In £15 Million Firm Share Sale

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A sanctioned “Russian oligarch”, Mikhail Klyukin, has come under scrutiny for allegedly evading sanctions by selling over £15 million worth of shares in a crypto firm chaired by former UK Chancellor Philip Hammond.

The transaction, which involved transferring the funds into cryptocurrency, is believed to have been an attempt to circumvent US sanctions.

Crypto Company Copper Technologies Under Fire

According to a report by The Guardian, Mikhail Klyukin faced sanctions due to his role on the supervisory board of Russian lender Sovcombank, following the invasion of Ukraine and the US’s targeting of “elites close to Vladimir Putin.”

Copper Technologies, a company specializing in digital systems for cryptocurrency investment and trading, became concerned when Klyukin, who owned more than 2% of the firm, appeared on the White House’s sanctions list in March 2022.

As Klyukin’s presence on the shareholder register posed risks for Copper, the company reportedly arranged a transaction aimed at removing him. Acting as an intermediary, Copper facilitated the sale of Klyukin’s shares to a willing buyer who paid over £15 million in sterling.

Copper then converted the payment into cryptocurrency and transferred the digital assets to Klyukin. The transaction appears to have been structured to avoid breaching US sanctions, which prohibit the involvement of American citizens or the use of dollars in dealings with sanctioned individuals.

Legal experts highlight the potential risks that Copper could have faced, including secondary sanctions if US authorities were

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Author: Ronaldo Marquez

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