UkraineIn an international move to intensify the clampdown on those avoiding cryptocurrency sanctions imposed on Russia, the United States Internal Revenue Service (IRS) has joined forces with the blockchain intelligence company, Chainalysis. This collaboration aims to equip and guide Ukraine’s law enforcement agencies to conduct comprehensive investigations to unveil those who are illicitly safeguarding their assets. This development follows more than a year after Russia’s invasive actions in Ukraine, which led to many high-profile Russian nationals hurriedly hiding their assets.
IRS offers advanced training to Ukrainian investigators
As reported by the Wall Street Journal, Ukrainian law enforcement and investigative units are set to participate in an intensive, week-long training program located in Frankfurt, Germany. The IRS’s criminal investigation division will offer this hands-on, high-level training. This initiative will enhance the ability of Ukrainian investigators to uncover and trace illegal crypto transactions and financial networks that sanctioned Russian entities use.
Since Russia’s invasion of Ukraine in February last year, the IRS has proactively participated in examining potential sanction violations. The tax authority is currently engaged in 23 sanctions-related investigations. As part of its partnership with Ukraine, the IRS will extend its cyber training to various Ukrainian entities, including the National Police, the Economic Security Bureau, the Security Service, and the Prosecutor General’s Office.
Yurii Vykhodets, the Head of the Cyber Department at the National Police of Ukraine, emphasized that one focal point is identifying and eliminating the support hubs for occupation forces that raise funds for war necessities. He noted, “We often see fundraising campaigns conducted with the use of cryptocurrency.”
In addition to the training, the IRS disclosed that it facilitated Ukraine’s access to the Chainalysis Reactor, an investigative tool specifically designed by the blockchain intelligence firm for crypto investigations. The U.S. agency has provided Ukrainian authorities with licenses to utilize this tool, expected to be instrumental in tracking and identifying individuals attempting to evade Russian sanctions.
This cooperative effort follows numerous alerts from U.S. regulators and policymakers concerning potential sanction evasions and money laundering activities by Russian nationals. Through this partnership, the IRS, Chainalysis, and Ukraine signal a determined effort to combat illicit crypto activities and uphold the integrity of imposed sanctions.
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