#crypto Sanctions Evasion Scheme Unveiled: $530M Laundered by Russian National!
A sweeping crackdown on crypto-enabled financial crime has led to the indictment of Iurii Gugnin, a Russian national and New York resident, who allegedly orchestrated a $530 million money laundering operation through his companies Evita Investments and Evita Pay. Gugnin faces 22 federal charges stemming from a sophisticated scheme that funneled illicit funds from sanctioned Russian banks through the U.S. financial system—posing a major national security threat.
Key Facts
Operation Details
Gugnin allegedly set up a complex laundering network using stablecoin Tether (USDT) to move funds from sanctioned Russian entities into U.S. dollars, ultimately concealing the true origins of the money.
The scheme, running from June 2023 to January 2025, handled over $530 million in transactions linked to blacklisted Russian banks like Sberbank, VTB, Sovcombank, and Tinkoff.
His firms acted as a "covert pipeline," making it possible for Russian clients to sidestep sanctions and acquire sensitive U.S. technology, including equipment for Russia’s state nuclear agency, Rosatom.
Deception and Fraud
Gugnin is accused of falsifying compliance documents, removing Russian identifiers from invoices, and deceiving both banks and crypto exchanges to obscure the illegal source of funds.
He reportedly operated without a proper Anti-Money Laundering (AML) program and failed to file Suspicious Activity Reports (SARs) as required by U.S. law.
Evidence of Guilt
Authorities uncovered internet searches indicating Gugnin’s awareness of his scheme’s criminality, including questions about U.S. money laundering penalties and signs of ongoing investigations.
Charges and Potential Penalties
Gugnin has been charged with:
Money laundering
Bank and wire fraud
Violations of U.S. sanctions and export controls
Operating an unlicensed money transmitting business
AML compliance failures
Each bank fraud count carries up to 30 years in prison.
Why This Case Matters
