A Cyprus-based company was sanctioned on Monday by the US for its links with Russia’s financial sector.

Tokentrust Holdings with a registered Limassol address was added to the Office of Foreign Assets Control (OFAC) list of designated entities.

US ambassador to Cyprus Julie Fisher posted on X that one of the 13 sanctioned entities is Cypriot registered.

“The US appreciates the close cooperation with Cypriot authorities to hold sanctions evaders to account.”

According to OFAC, the company was established on June 11, 2020. It is the majority shareholder of Atomaiz, a Moscow-based fintech company.

OFAC specified Atomaiz is a registered digital financial asset operator “that has worked to tokenize precious metals and diamonds for Russian companies.”

It is partnered with US-sanctioned Russian banks Rosbank and Sovcombank.