Prosecutors allege that Gugnin’s companies functioned as elaborate conduits for international financial flows—designed to mask the origin and destination of transactions that evaded U.S. and international sanctions frameworks.
Arrested in New York and arraigned in court, Gugnin could face up to 30 years in prison if convicted on all counts. According to the indictment, from June 2023 through January 2025, nearly $2 billion was moved through Evita-related structures, with $530 million flowing via U.S. banks—primarily in Tether (USDT) stablecoin.
Over $365 million was converted to U.S. dollars and used for purchasing goods on behalf of clients in Russia, China, and the UAE. Prosecutors contend that Gugnin repeatedly misrepresented his business ties to Russia, assuring banks and crypto exchanges that he did not operate with Russian clients. In reality, the recipients included sanctioned entities such as Rosatom, Sberbank, VTB, Sovcombank, Tinkoff Bank, and Alfa-Bank.
The alleged scheme involved the procurement of U.S.-made electronics (including export-controlled servers), fine art, yachts, and other luxury goods. Some of these assets reportedly moved through South Korea before reaching Russian end-users. Gugnin, described as a “serial entrepreneur,” entered the U.S. under an O-1A visa, further complicating the regulatory picture.
U.S. authorities were unequivocal in their assessment. DOJ and FBI representatives called Evita a “front” for large-scale money laundering, emphasizing that Gugnin exploited American financial infrastructure for the benefit of sanctioned Russian banks and sensitive technology transfers. Investigators noted that he had searched online for terms such as “how to know if you’re being investigated” and “penalties for sanctions violations,” while consistently failing to implement meaningful anti-money laundering (AML) procedures despite official claims to the contrary.
“Let this serve as a warning: using cryptocurrency to mask illegal activity won’t stop the FBI and our partners from holding you accountable,” said FBI Counterintelligence Assistant Director Roman Rozhavsky.
Gugnin allegedly registered Evita Pay with FinCEN and in Florida using false information, obtaining licenses fraudulently to access the U.S. payments ecosystem. Investigators have also pointed to suspected links with Russian and Iranian intelligence services.
As of now, Gugnin remains in custody. The case is being prosecuted by the Eastern District of New York in coordination with the U.S. Department of Justice and the Disruptive Technology Strike Force—a multi-agency task force created to prevent the export of critical U.S. technology to authoritarian regimes.
The case highlights an ongoing trend: Russia’s increased use of cryptocurrency in energy trade as a means of bypassing international sanctions.