ustice Department Will Prosecute Banks, Crypto Exchanges That Help Russians Hide Assets: Report

The U.S. Justice Department will investigate and prosecute people and financial institutions, including crypto exchanges, that aid Russians in hiding their assets from sanctions, according to a Bloomberg report, citing a senior department official.

A new task force composed of prosecutors, agents, analysts and translators from across the Justice Department has been created to pursue these investigations, according to the official.

The type of assets that might be frozen or seized include real estate, stock holdings, bank accounts, yachts, airplanes, jewelry and artwork, the official said.

The move comes amid growing concern by U.S. lawmakers and others that cryptocurrency can be used by individuals and entities in Russia to avoid economic sanctions.

On Friday, the White House and G7 group of nations said they would issue new guidance regarding the use of cryptocurrency to evade U.S. sanctions against Russia.