- Evita Pay used USDT to funnel cross-border payments.
- Clients included Sberbank, VTB Bank, Sovcombank, and Rosatom.
- 22-count indictment includes money laundering, wire fraud.
In a sweeping indictment that highlights growing enforcement around sanctions evasion and crypto misuse, US federal prosecutors have charged Russian national Iurii Gugnin with running a sophisticated cross-border fraud and money laundering scheme through his crypto platform, Evita.
Between June 2023 and January 2025, Gugnin allegedly processed over $530 million via US banks and cryptocurrency services to bypass sanctions and finance Russian institutions, including several blacklisted banks and a state-owned energy firm.
The Department of Justice (DOJ) arrested Gugnin on Monday in New York, where he had been residing in a luxury Manhattan apartment costing $19,000 a month.
He now faces a 22-count federal indictment that includes wire fraud, conspiracy to defraud the US, violation of export controls, and multiple counts of money laundering. If convicted, Gugnin could face up to 30 years in prison for the most severe charges.
Sanctioned Russian banks used Evita for hidden crypto transfers
Gugnin’s company, Evita, is accused of funnelling payments from foreign clients through American financial infrastructure using stablecoins like USDT.
Prosecutors said the transactions were made on behalf of sanctioned Russian entities, including Sberbank, VTB Bank, Sovcombank, and Tinkoff, along with energy giant Rosatom.
To evade detection, Gugnin allegedly erased the identities of Russian recipients across more than 80 invoices.
According to the DOJ, Evita’s payment flows masked the true origin and destination of the funds, turning the platform into an illegal backchannel for sanctioned transactions.
A statement from the FBI’s New York office noted that Gugnin’s operations “manipulated our nation’s financial infrastructure to benefit our nation’s adversaries.”
This aligns with broader concerns in Washington about how cryptocurrencies can be used to circumvent economic sanctions, especially in the context of rising geopolitical tensions involving Russia.
DOJ says accused actively searched how to avoid US scrutiny
Federal prosecutors argue that Gugnin knowingly violated US laws. Digital forensic evidence reveals he conducted multiple internet searches with phrases such as “how to know if there is an investigation against you,” “money laundering penalties US,” and “am I being investigated?”
These searches reportedly took place while his firm was actively routing payments tied to sanctioned entities.
He is also accused of failing to implement any anti-money laundering (AML) controls, a requirement under US financial regulations for platforms facilitating cross-border payments or stablecoin transactions.
At least some of the funds were allegedly used to purchase US-origin technology for Russian clients.
Broader implications for crypto regulation and sanctions compliance
The arrest of Gugnin comes amid a global push to tighten crypto compliance frameworks. The DOJ’s action underscores the risks faced by platforms operating across multiple jurisdictions, especially when serving clients in sanctioned countries.
The Evita case is also a reminder of how stablecoins, widely considered more transparent than privacy coins, can still be exploited for illicit finance when AML standards are ignored.
The case will likely fuel ongoing discussions in Congress and international bodies like the Financial Action Task Force (FATF) about stricter reporting requirements and real-time monitoring tools for digital asset firms.
It may also encourage US regulators to broaden enforcement efforts against platforms indirectly involved in sanctions evasion or facilitating payments for hostile governments.
The DOJ has not yet named any other individuals or firms potentially under investigation in connection with Evita, but officials have confirmed the probe is ongoing. Gugnin remains in federal custody and is expected to face trial in New York.
