![]() 14024 for being owned or controlled by, or for having acted or purported to act for or on behalf of, directly or indirectly, TKB. TKB subsidiary Joint Stock Company Investtradebank was also designated today pursuant to E.O. ![]() TKB is being designated pursuant to Executive Order (E.O.) 14024 for operating or having operated in the financial services sector of the Russian Federation economy. or European banks in the clearing process. TKB has also sought to create a settlement hub in Asia without involving U.S. For example, to avoid detection and sanctions-derived restrictions, TKB has offered its clients the ability to conduct transactions via its proprietary Internet-based banking system, known as TKB Business, an alternative communication channel to the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network, including for the purpose of processing U.S. TKB representatives have offered services to several banks in Asia, including within China, and the Middle East, and suggested options to evade international sanctions. Public Joint Stock Company Transkapitalbank (TKB) is a Russian privately owned commercial bank that has operated since 1992. “The United States will work to ensure that the sanctions we have imposed, in close coordination with our international partners, degrade the Kremlin’s ability to project power and fund its invasion.” RUSSIAN BANK AT THE HEART OF SANCTIONS EVASION sanctions against Russia, as they are helping support Putin’s brutal war of choice,” said Under Secretary for Terrorism and Financial Intelligence Brian E. “Treasury can and will target those who evade, attempt to evade, or aid the evasion of U.S. This is the first time Treasury has designated a virtual currency mining company. OFAC also designated companies operating in Russia’s virtual currency mining industry, reportedly the third largest in the world. ![]() OFAC designated Russian commercial bank Transkapitalbank and a global network of more than 40 individuals and entities led by U.S.-designated Russian oligarch Konstantin Malofeyev, including organizations whose primary mission is to facilitate sanctions evasion for Russian entities. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated entities and individuals involved in attempts to evade sanctions imposed by the United States and its international partners on Russia. Treasury Takes New Step of Designating a Virtual Currency Mining Company Treasury Targets Financial and Operational Support Networks for Attempts to Evade U.S., International Sanctions
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