May 24, 2024
Russian banker under sanctions sells $19 million worth of Copper shares.
Latest Cryptocurrency News

Russian banker under sanctions sells $19 million worth of Copper shares.

As per The Guardian’s report, sanctioned Russian banker Mikhail Klyukin has divested shares exceeding £15 million (approximately $19 million) in Copper Technologies, a cryptocurrency custodian that appointed former U.K. Chancellor Philip Hammond as its chair in early 2023.

The London-based company reportedly orchestrated the sale in response to concerns arising from Klyukin, who holds more than 2% of the company, being included in the U.S. sanctions list in March 2022. Copper has yet to make any public statements on the transaction, but a spokesperson informed The Guardian that the firm “had consistently adhered to relevant sanctions laws, guided by external legal counsel.”

Acting as an intermediary, Copper is said to have converted the payment for Klyukin’s shares into cryptocurrency. While legal experts speculate on potential risks associated with crypto use, the sale is believed to have successfully circumvented any violation of U.S. sanctions.

Klyukin faced sanctions due to his role on the supervisory board of Sovcombank, Russia’s third-largest lender, as part of the U.S. initiative targeting individuals associated with Vladimir Putin’s inner circle.

Established in 2018 by Dmitry Tokarev, Copper offers services to companies interested in investing in, trading, or utilizing cryptocurrencies. In a public statement on Copper’s website in March 2022, Tokarev denounced the Kremlin’s military actions in Ukraine, asserting that “the Russian government does not represent every Russian, nor even the majority of them.”

Image by Copper Co.

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