The Department of the Treasury's Office of Foreign Assets Control (OFAC) has imposed sanctions on five individuals and four entities associated with the TGR Group, an international network accused of facilitating sanctions evasion for Russian elites. This action highlights ongoing efforts by the G7 to target those using digital assets to bypass international sanctions.

Bradley T. Smith, Acting Under Secretary for Terrorism and Financial Intelligence, stated, "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."

The TGR Group is led by Ukrainian national George Rossi and includes Elena Chirkinyan as a key decision-maker. The group uses various methods to launder funds linked to sanctioned entities and facilitate illicit financial activities globally.

Janet Yellen Secretary of the Treasury | Official website

In collaboration with partners such as the UK's National Crime Agency and UAE authorities, OFAC identified additional actors involved in these schemes. Ekaterina Zhdanova was previously designated for her role in laundering funds for Russian elites using digital assets.

OFAC's designations include companies like TGR Partners, Pullman Global Solutions LLC, Siam Expert Trading Company Limited, among others. These actions block their property within U.S. jurisdiction and prohibit transactions involving these entities without specific authorization.

Sanctions implications extend beyond U.S. borders as non-U.S. persons are also restricted from causing violations of these measures. Penalties may apply for breaches under Executive Order 14024.

OFAC emphasizes that its sanctions aim not only at punishment but also at encouraging positive behavioral changes through compliance.

For more information on today's designations or removal procedures from OFAC lists, visit their official resources.