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yesterday

U.S. Charges Russian Crypto Executive Over $530 Million Sanctions Evasion Scheme

Justice Department prosecutors say he exploited two U.S. crypto firms to funnel Tether transactions for sanctioned Russian banks through American financial institutions.

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Overview

  • Iurii Gugnin, a 38-year-old Russian national residing in New York, was arrested on a 22-count indictment including bank fraud, wire fraud, sanctions and export-control violations.
  • Prosecutors allege Evita Investments and Evita Pay processed about $530 million in USDT transfers between June 2023 and January 2025 for entities linked to Sberbank, VTB Bank, Sovcombank, Tinkoff Bank and Rosatom.
  • Court filings assert Gugnin lied to banks and exchanges about serving Russian clients, doctored over 80 invoices to hide counterparties and maintained personal accounts at sanctioned Russian banks.
  • If convicted, he could face up to 30 years in prison per bank fraud count plus additional decades for money laundering, IEEPA breaches and unlicensed money-transmitting operations.
  • The indictment is the latest in a U.S. crackdown on Russian crypto sanctions evasion, with blockchain analysts noting sanctioned jurisdictions received $15.8 billion in crypto in 2024.