US official warns institutions against helping Russia bypass sanctions

• The comments come after the G7 pledged to prevent Russia from leveraging digital assets

The US has warned of strict action against anyone who helps Russia bypass economic sanctions as Moscow continues its relentless attack on Ukraine.

Deputy U.S. Treasury Secretary Wally Adeyemo told CNBC that the Kremlin had continued its unprovoked attack on Ukraine, and was looking for ways to bypass economic sanctions levied by the West.

“We have not seen to date that Russia has been able to evade our sanctions in a meaningful way, but we know that they are attempting to do so and we know they are going to try and use every means possible,” Adeyemo told CNBC.

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He said that cryptocurrencies and shell companies could aid Russia in bypassing the economic sanctions. He gave a stern warning to the financial institutions that attempted to help Russia.

“What we want to make very clear to crypto exchanges, to financial institutions, to individuals, to anyone who may be in a position to help Russia take advantage and evade our sanctions: We will hold you accountable,” Adeyemo said.

“We will come and we will find you, and we will ensure that Russia cannot get around the sanctions that we have put in place to make it harder for them to prosecute the illegitimate war that they have in Ukraine,” he told CNBC.

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Inputs from CNBC