ANNOUNCEMENT 05 Apr 2022

In April 2022, the U.S. Department of Treasury imposed sanctions on the Russia-based darknet company Hydra Market (Hydra) and on Russian virtual currency exchange Garantex.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

U.S. Department of Treasury, Press Release, “Treasury Sanctions Russia-Based Hydra, World’s Largest Darknet Market, and Ransomware-Enabling Virtual Currency Exchange Garantex”. Available at: https://home.treasury.gov/news/press-releases/jy0701

Inception date: 05 Apr 2022 | Removal date: open ended

Controls on commercial transactions and investment instruments

On 5 April 2022, the U.S. Department of Treasury announced imposing sanctions on the Russia-based darknet company Hydra Market (Hydra) and on Russian virtual currency exchange Garantex. Specifically, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) added these two entities on Specially Designated Nationals and Blocked Persons List (SDN List). The U.S. Treasury "blocked" all properties of these entities and transactions with these entities are prohibited. The U.S. Treasury stated that this action targets Russian cybercrime.

Secretary of the Treasury Janet L. Yellen said: “The global threat of cybercrime and ransomware that originates in Russia, and the ability of criminal leaders to operate there with impunity, is deeply concerning to the United States. Our actions send a message today to criminals that you cannot hide on the darknet or their forums, and you cannot hide in Russia or anywhere else in the world. In coordination with allies and partners, like Germany and Estonia, we will continue to disrupt these networks.”

AFFECTED SECTORS

 
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AFFECTED PRODUCTS

 
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