U.S. Treasury Department stresses that Russia sanctions extend to cryptocurrency

A representation of the cryptocurrency is seen in front of Coinbase logo in this illustration taken, March 4, 2022. REUTERS/Dado Ruvic/Illustration/

WASHINGTON (Reuters) - The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) issued new guidance on Friday clarifying that U.S. citizens and digital asset firms are required to comply with sanctions against Russia, even when facilitating transactions in cryptocurrency.

OFAC said in the guidance that people in the United States as well as businesses that deal in cryptocurrency, "must be vigilant against attempts to circumvent OFAC regulations" and should "take risk-based steps to ensure they do not engage in prohibited transactions."