According to a report, Russian allies have tried to evade sanctions with the help of crypto in abroad countries. After considering the situation, the U.S. and EU have decided to take new measures to target the economy of Russia and wealthy people for maintaining pressure on Russia and its allies.

An announcement was made recently by the White House in which it is stated that Canada, Germany, the U.S., Italy, the U.K, Japan, and the EU are looking to isolate Russia economically because of its military operation against Ukraine. In this announcement, it is also decided to impose a ban on import and export with Russia and provide a guideline to the treasury department of the United States to check the country’s efforts to circumvent present sanctions.

White House stated that expansive measures taken by the treasury against Russia need all United States citizens to obey sanctions regulations; it’s no matter whether the transaction is made in digital currency or conventional fiat currency. Treasury Department is intimately keeping eye on any kind of attempts to prevent or violate sanctions imposed on Russia, even by the use of digital currency, and also showed determination to use vast enforcement authorities to move against offenses and to publicize compliance.

The U.S., EU and G7 countries are pursuing a common policy of imposing further financial sanctions to build pressure on Russia. European Commission released a statement on Wednesday in which it is stated that its member countries are ready to amend regulations to assure even more efficiently that the sanction of Russia can’t be prevented including by Belarus,” especially mentioning probable use of cryptocurrency assets.

President of the European Commission Ursula von der Leyen told that authorities are going to announce actions taken against Russia on Saturday. However, many members of the European Union haven’t said that they will ban Russian gas and oil as to the actions the United States’ president Joe Biden told in earlier this week. Von der Leyen told that European financing will be banned across the energy field of Russia

In many countries, regulatory organizations and government institutions enacting such financial steps against Moscow have also released warning individuals and trading companies dealing in cryptocurrency of probable enforcement measures.

Bloomberg released a report on Friday in which it is stated that the Justice Department of the United States is going to make a new task force that will be responsible to freeze or seize the cryptocurrency assets of rich individuals of Russia. This task force will also investigate those cryptocurrency companies and banks that are helping bodies named under the ban for money laundering.