Lawmaker Seeking Answers From Biden Admin on Russian Sanctions Evasion Tactics
The top Republican on the House Foreign Affairs Committee is asking the Biden administration for more information on Russia's ability to use digital currencies to evade sanctions. The director of national intelligence should say whether there are “any indications” Russia is using digital assets to evade sanctions, said Rep. Michael McCaul, R-Texas, including whether Russian oligarchs and officials are turning to cryptocurrency.
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In a March 25 letter to DNI Avril Haines, McCaul also asked for a briefing on the progress the administration has made studying how cryptocurrency can be used to evade sanctions, which is required by a March executive order (see 2203090067).
Although U.S. officials have said they don’t believe Russia can realistically turn to digital currencies to prop up its economy, McCaul said it's still important to examine any ways in which digital currencies may be helping sanctioned Russian people. “I am concerned with any extent Russia could use cryptocurrencies or other digital assets ... to avoid sanctions,” McCaul said. “It is important to understand any impact that digital assets have on U.S. sanctions and address challenges to their impact in a forward leaning manner.” A DNI spokesperson said the agency has "received the letter and will respond appropriately."