U.S. authorities have charged Iurii Gugnin, a 38-year-old Russian citizen and founder of crypto payment companies Evita Investments Inc. and Evita Pay Inc., with laundering over $500 million through U.S. banks to facilitate transactions for sanctioned Russian banks between June 2023 and January 2025. The Justice Department describes Gugnin's operations as a covert pipeline aiding institutions like Sberbank and Rosatom while circumventing international sanctions. Facing a 22-count indictment, he is accused of misrepresenting his business dealings, maintaining accounts at sanctioned banks, and laundering funds using cryptocurrencies such as Tether (USDT). Each bank fraud charge carries a potential maximum sentence of 30 years. The case underscores rising national security concerns about the use of crypto to undermine sanctions aimed at Russia amid its conflict in Ukraine. This is part of a broader U.S. crackdown on Russian cryptocurrency operations since the invasion, which has seen billions in illicit transactions processed via crypto platforms.

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