The US Department of the Treasury's Office of Foreign Assets Control (OFAC) has announced sanctions on 13 entities and two individuals in Russia's financial services and technology sectors. These entities are involved in developing virtual assets that can help in evading US sanctions. The sanctions were imposed as part of the effort to prevent entities from assisting Russian financial institutions in bypassing sanctions and funding the war against Ukraine.

According to the Treasury, the individuals and entities that were sanctioned provided services or facilitated transactions that helped in evading sanctions imposed by OFAC. The actions are part of the ongoing efforts to disrupt Russia's access to the international financial system and prevent them from reconnecting with it through the help of certain companies in the financial technology sector.

Among the sanctioned companies are B-Crypto, Masterchain, Laitkhaus, and Atomaiz, based in Moscow, which have reportedly worked with OFAC-designated Russian banks like Sberbank, VTB Bank, and Rosbank to facilitate cross-border settlements and tokenize assets. Additionally, Veb3 Tekhnologii, Veb3 Integrator, and TOEP were also designated for their involvement in providing technology solutions and operating virtual currency exchanges that enabled transactions with OFAC-designated entities.

In addition to the crypto-related sanctions, the Treasury took action against companies associated with the Echelon Union for Science and Technology in Moscow. These entities were found operating in the technology sector of the Russian economy without compliance with OFAC regulations.

The sanctions freeze all property and interests of the designated persons under US control and warn foreign financial institutions about the risks of engaging in significant transactions involving Russia's military-industrial base. These sanctions aim to prevent Russia from using alternative payment mechanisms and companies in the financial technology sector to evade US sanctions and support its actions against Ukraine. The Treasury will continue to monitor and respond to Russia's attempts to evade sanctions and uphold the integrity of the international financial system.