The US President Joe Biden passed an executive order early on Wednesday expanding sanctions on Russia in response to its cyberattacks and crypto use while declaring a national emergency. There have been recent reports that prove the US defense industry heavily associates foreign usage of cryptocurrencies with sanctions evasion.
This isn't the first time OFAC has sanctioned any government entity in Russia, in fact, it has targetted the Internet Research Agency and Project Lakhta that provides services like e-wallets for crypto in the past. The list doesn't end here, it also includes a ban on crypto addresses in connection with their alleged interference in the 2016 presidential election.
The OFAC consequently acknowledged the order by banning institutions in the US from any or all transactions that involve Russian bonds or the Russian Central Bank, Ministry of Finance, or National Wealth Fund. Additionally, the executive order this time has also included in its sanctions list, 28 other cryptocurrency addresses namely BTC, ETH, LTC, BCH, DASH, ZEC, and XVG.
Obviously, this order is viewed under the lens of the latest political tensions that evolved with America's backing the 'Ukrainian Territorial Sovereignty'. Which the Russians have been violating, over a period of time, by beefing up their military and arsenal on the Ukrainian borders and breakaway regions.