US Lawmakers Urge Treasury Action on Russian Crypto Exchange Sanctions Evasion

U.S. Congressman Gabe Amo (D-RI), along with Congressmen Brad Sherman (D-CA) and Gerald E. Connolly (D-VA), sent a letter to U.S. Treasury Secretary Janet Yellen regarding the Moscow-based cryptocurrency exchange Garantex. They expressed concerns that Garantex is reportedly facilitating sanctions evasion and funding Russia’s invasion of Ukraine. The letter cited reports indicating that $20 billion in cryptocurrency passed through Garantex, using tether stablecoins (USDT), despite sanctions imposed in April 2022. The lawmakers requested information on U.S. measures to stop such evasion, the role of Tether, and additional tools needed to prevent further sanctions evasion through cryptocurrency exchanges.

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