The US has imposed new sanctions today related to Russia. These sanctions target an illegal financial network that allowed the Russian elite to use digital assets to bypass sanctions, reports Reuters.

U.S. Treasury Department sanctions Wednesday targeted the TGR Group, a sprawling international network alleged to be helping Russia avoid existing economic sanctions.

The Biden administration issued a fresh round of Russia-related sanctions on Wednesday, taking aim at what it called an illicit finance network that allowed Russian elites to leverage digital assets to avoid sanctions.

The Treasury Department describes 'a sprawling international network of businesses and employees that have facilitated significant sanctions circumvention'