An international group with the participation of Ukraine will monitor compliance with cryptocurrency sanctions against Russians

The Criminal Investigations Division of the U.S. Internal Revenue Service (IRS), Ukrainian investigators, and representatives of Chainalysis analytics firm have announced cooperation to track Russians who circumvent sanctions with cryptocurrency.

IRS representatives have promised to sponsor access for Ukrainian investigators to the Chainalysis Reactor tool, which can be used to identify suspicious transactions. Special classes will be held for police officers in face-to-face and virtual modes. This initiative is aimed at identifying financial and cryptocurrency transactions conducted by Russian businessmen to evade international sanctions.

«Sharing the experience of using such tools will protect not only the US financial system, but the entire global economy. It will strengthen cooperation between the United States and Ukraine,» assured Jim Lee, head of the IRS Criminal Investigations Division.

Michael Gronager, CEO of Chainalysis, believes that cryptocurrencies can be used not only for donations to Ukraine, but also for fraud, money laundering, and sanctions evasion. That is why it is important for investigators to hone their skills in analyzing cryptocurrency transactions using special tools.

As a reminder, the U.S. Department of Justice suspected that Russian and Iranian citizens could illegally use Binance, the world’s largest crypto exchange, to circumvent sanctions. The agency began investigating the exchange. In April last year, the US Treasury Department imposed sanctions on mining company BitRiver, accusing it of helping Russia monetize natural resources.