U.S. acts against financial network enabling Russian elites to avoid sanctions

Dec. 4 (UPI) -- The U.S. Treasury Department on Wednesday sanctioned the TGR Group, a sprawling international network alleged to be helping Russia avoid existing economic sanctions.

Five individuals and four entities allegedly associated with or leveraging the TGR Group were sanctioned for facilitating "significant sanctions circumvention on behalf of Russian elites."

They include a Wyoming-based entity owned 50% or more by a sanctioned person, according to the Treasury Department.

"Through the TGR Group, Russian elites sought to exploit digital assets-in particular U.S. dollar-backed stablecoins-to evade U.S. and international sanctions, further enriching themselves and the Kremlin," said Acting Under Secretary for Terrorism and Financial Intelligence Bradley T. Smith in a statement.

Smith added the United States and its allies remain committed to "disrupting any effort by Russia to use digital assets or other illicit financial schemes to accrue, store, and transfer their ill-gotten gains."

Treasury described the TGR Group as an extensive sanctions evasion and money laundering group that uses digital assets like Tether stablecoins to provide a range of sanctions avoidance services.

Treasury said the sanctioned individuals include George Rossi, alleged head of the TGR Group, Elena Chirkinyan, a partner at TGR, and Andrejs Bradens, alleged owner of the Wyoming-based Pullman Global.

Alleged money launderers Khadzi-Murat Dalgatovich Magomedov and Nikita Vladimirovich Krasnov were also sanctioned.

Rossi is a Ukrainian national born in Russia. Chirkinyan is a Russian national. Bradens is a Latvian national.

Magomedov and Krasnov are Russian nationals allegedly working to "facilitate bulk cash and cryptocurrency money laundering transactions internationally."

Treasury said their money laundering work is assisted by leveraging alleged Russian money launderer Ekaterina Zhdanova and others to support the TGR Group.

Magomedov and Krasnov allegedly "materially assisted, sponsored, or provided financial, material or technological support for, or goods or services to or in support of, Ekaterina Zhdanova."

Entities sanctioned by Treasury Wednesday include Moscow-based TGR Partners, British-based TGR Corporate Concierge LTD, alleged to be owned and directed by Bradens, and TGR DWC-LLC, a UAE-based entity alleged to be managed by Chirkinyan.

The other entities sanctioned Wednesday by Treasury are Thailand-based Siam Expert Trading Company Limited and the Wyoming-based Pullman Global Solutions LLC. Both, according to Treasury, are associated with Bradens.

Siam Expert is accused by the Treasury Department of facilitating the export of electronic components to Russia.