Category: Sanctions
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U.S. Prosecutors Investigate Jack Dorsey’s Block Over Compliance Failures in Crypto Operations and Sanctions Violations!
Block, the fintech conglomerate founded by Jack Dorsey and parent company of CashApp and Square, is currently under investigation by federal authorities for alleged violations of U.S. sanctions and other regulatory non-compliance issues within its Square and Cash App units, according to an NBC News investigation. This scrutiny comes amid concerns of "widespread" compliance failures across the company's major divisions.
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NZZ Report Exposes US Double Standards in Hunt for Russian Oligarch Assets
The Russian invasion of Ukraine is likely to continue if Donald Trump is re-inaugurated as president. And so will the sanctions against the Russian oligarchs. A recent report in the Swiss NZZ highlights a glaring contradiction in the US approach to tracking down Russian oligarch assets. While US politicians have criticized Switzerland for its alleged laxity in enforcing sanctions against Russia, they appear to overlook similar practices within their own borders.
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Florida Steel Traders Sentenced for Money Laundering and Russia-Ukraine Sanctions Violations!
Two key figures in the Florida-based steel trading company, Metalhouse LLC, have been sentenced after pleading guilty to multiple charges involving money laundering and breaches of U.S. sanctions. John Can Unsalan, the president of Metalhouse LLC, has been sentenced to six years in prison and ordered to forfeit $160 million. Sergey Karpushkin, a Belarusian national residing in Miami, received a 21-month prison sentence and was ordered to forfeit $4.7 million.
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Coinbase Confronts U.S. Treasury: A Legal Battle Over Tornado Cash That Could Reshape Crypto Regulation!
For years, the U.S. crypto scene has been battling what it sees as outdated laws and regulatory requirements that no longer apply to the new technological environment. The Tornado Cash case is seen as a prime example of this situation. Coinbase's Chief Legal Officer, Paul Grewal, has openly criticized the U.S. Treasury's approach to sanctioning the crypto mixer. According to Grewal, the U.S. Treasury is "bending old laws past their breaking point" in its efforts to control this technology.
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Crypto Privacy Protocol Railgun Denies FBI’s Money Laundering Allegations!
Railgun, a cryptocurrency privacy tool often compared to the now-sanctioned Tornado Cash, has robustly defended itself against allegations of facilitating money laundering activities. These claims have surfaced in the wake of scrutiny from the FBI, which has pointed to potential misuse of the platform by malicious actors to launder cryptocurrencies. The Tornado Cash founders and a developer have been charged in the U.S. and the Netherlands.
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Western Sanctions? Raiffeisen Bank’s Russian Expansion Raises Eyebrows Amid Pledge to Exit!
In a questionable development exposed by the Financial Times, Raiffeisen Bank International (RBI), Austria's prominent lender, has been actively posting job advertisements for positions in Russia, signaling plans for expansion despite its previous commitments to exit the Russian market following the full-scale invasion of Ukraine in February 2022. This move has stirred significant scrutiny and led to an internal probe ordered by CEO Johann Strobl.
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EU Court Annuls Sanctions Against Russian Oligarchs Aven and Fridman Amid Legal and Political Turmoil”
The European Court of Justice has handed down a verdict favoring two prominent Russian oligarchs, Petr Aven and Mikhail Fridman, against the EU's sanctions. The General Court annulled their inclusion in the sanctions list. These sanctions were imposed in response to Russia's aggressive actions against Ukraine, casting a shadow of controversy over the EU's measures to penalize those deemed to be undermining Ukraine's sovereignty.
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The Austrian RBI’s Russian Roulette: Navigating Sanctions and Scepticism for Profit
In a bold move, Austria's Raiffeisen Bank International (RBI) finds itself in the eye of a geopolitical storm, entwining profits with politics in a manner that has drawn sharp criticism, especially from the U.S. Austria, with its storied and complex relationship with Russia, has seen its financial institutions, particularly RBI, under the microscope for their Russian connections. In a controversial deal involving Russian billionaire Oleg Deripaska, RBI tries to funnel profits from Russia amidst a thicket of sanctions.
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US Exerts Pressure on Austria’s Raiffeisen Bank Over Russian Tycoon Deal
The U.S. government is reportedly pressuring Austria's Raiffeisen Bank International (RBI), the largest Western bank operating in Russia, to abort its planned acquisition of a €1.5 billion industrial stake owned by a Russian tycoon, Oleg Deripaska. This U.S. intervention is poised to thwart one of the most significant Western investments in Russia since the onset of the Ukraine conflict. The RBI has a long history of facilitating global money transfers of Russian oligarchs.
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EU Escalates Sanctions Against Russia, Expanding Blacklist to Include Mainland Chinese Companies
The European Union has escalated its sanctions regime against Russia by extending its blacklist to include companies based in mainland China. This unprecedented step underscores the EU's determination to thwart the Kremlin's efforts to circumvent sanctions and acquire banned items, marking a significant shift in the bloc's strategy towards Russia's ongoing conflict with Ukraine. The package, however, does not cover any person allegedly involved in the death of Alexei Navalny.