According to Bloomberg, the United States and the United Kingdom are reviewing more than $20 billion in cryptocurrency transactions conducted through the Russian virtual exchange Garantex. These transactions involve the use of USDT, a cryptocurrency pegged to the US dollar. These transactions have been going on since Garantex was founded. The investigation shows the determination of Western countries to continue to crack down on circumventing sanctions. Since the early days of the war, the Biden administration has been trying to suppress crypto exchanges like Garantex. This $20 billion transaction may be the largest violation of sanctions against Russia since the war began. Although cryptocurrency transactions are complex and opaque, there is no indication that Tether Holdings has committed any violations.
