The U.S. has unveiled a new money laundering network for the Russian elite.

The U.S. Department of the Treasury has announced sanctions against individuals associated with TGR Group, which helped bypass sanctions benefiting the Russian elite.

The Treasury asserts that TGR Group is engaged in sanction evasion and money laundering, attempting to conceal the illegal activities of its clients.

This network, led by Ukrainian citizen Georgy Rossi, provides various services including money laundering, converting cash to cryptocurrency and vice versa, as well as concealing the origin of funds.

To facilitate its illegal activities, TGR Group has involved other companies, such as Smart Group, headed by Yekaterina Zhdanova from Russia.

New sanctions also target Elena Chirkinyan from Russia, Andrey Braden from Latvia, as well as TGR Partners (Moscow), TGR Corporate Concierge (UK), TGR DWC-LLC (UAE), Siam Expert (Thailand) and Pullman Global Solutions (USA).

Additionally, the U.S. Treasury has added Hajji-Murat Magomedov and Nikita Krasnov from Russia to the blacklist, who assisted Zhdanova in laundering money for the Russian elite under sanctions.

'Through TGR Group, the Russian elite tried to utilize digital assets, particularly dollar-backed stablecoins, to evade U.S. and international sanctions, further enriching themselves and the Kremlin,' said Bradley Smith, Acting Deputy Secretary of the U.S. Treasury.