The Department of Financial Services (DFS) will use blockchain analytics technology to strengthen sanctions enforcement against Russia. Specifically, the effort will be to detect whether Russian individuals attempt to circumvent the imposed sanctions.

Blockchain technology to help monitor the application of sanctions

The Department of Financial Services oversees many key programs and initiatives related to the money sector. As a result of the escalating conflict in Ukraine, it will also expand its efforts towards Russian citizens.

According to a recent statement, the DFS will use blockchain technology to monitor whether the financial sanctions applied to Russia are properly executed. You’ll also see if some people are looking for a back door to avoid repossessions.

Adrienne Harris, superintendent of the agency, predicted that bad actors will try to evade sanctions by transmitting digital currencies. As such, “it is imperative that we have the ability to monitor transactions and exposure in real time,” she noted.

Harris also stated that DFS will coordinate its operations with federal and state regulators. Their joint efforts must “ensure that the full weight of our regulatory regime is brought to bear in the fight to protect Ukraine,” the executive concluded.

New York State Governor Kathy Hochul also spoke on the matter. The politician said that New Yorkers are following the situation in Ukraine with “fear and anger, and in response, we are taking more action.” In his opinion, the sanctions against Russia are a way to destabilize it, and the US will continue to impose such sanctions in response to the “unjustified attack”.

Use of Blockchain technology during the previous crisis

Before the military conflict between Russia and Ukraine, all eyes were on the COVID-19 pandemic. And as the health disaster spread rapidly around the world in 2020 and 2021, vaccination campaigns lessened its impact. However, bad actors took the opportunity to smuggle medical products and compromise the show.

Earlier this year, Asia-based medical services company Zuellig Pharma developed a blockchain platform to improve its vaccine tracking service and prevent accidents in the field. Once the technology was integrated, the information became auditable in real time, began to offer instant results and did not require an intermediary.

Daniel Laverick, Vice President of Zuellig Pharma, noted that blockchain technology allowed users to verify the authenticity and route of vaccines:

“Patients can scan the 2D data matrix on the product packaging to verify key product information such as expiration date, temperature and provenance through their blockchain-powered app.”

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