According to a study report released Monday, pro-Russian organizations are raising funds in cryptocurrencies to support paramilitary activities and get over American sanctions as the war with Ukraine continues. According to TRM Labs, a provider of digital asset compliance and risk management services, as of September 22, these fundraising organizations have accumulated $400,000 in cryptocurrencies since the invasion began on February 24. The study found that organizations are establishing choices for individuals to make donations used to finance military training at sites near the Ukrainian border and supply Russian-affiliated militia groups through the secure messaging application Telegram. Task Force Rusich, which the U.S. Treasury described as a neo-Nazi paramilitary organization that has participated in the battle with Russia’s troops in Ukraine, is one of the organizations TRM Labs identified as raising money. Task Force Rusich has received approval from the Office of Foreign Assets Control (OFCA) of the Treasury Department. Russia Subjected to Sanctions Following its aggressive invasion of Ukraine earlier this year, Russia was subjected to a range of sanctions intended to isolate it from the world’s financial system. There were fears at the time that Russia would utilize cryptocurrencies to circumvent these sanctions. Experts disagreed, stating that amount of liquidity needed by Russia to shift money is not in the crypto...
