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Gov. Kathy Hochul announced on Wednesday, March 2, that the measures are an effort to support the Department of Financial Services' enforcement of the sanctions.
"Like millions across the globe, New Yorkers are watching the situation in Ukraine with fear and outrage, and in response we are taking further action," Hochul said. "We stand shoulder to shoulder with the people of Ukraine and will continue to do our part to enforce U.S. sanctions against Russia in response to their unwarranted attack. New York is proudly home to the nation's largest Ukrainian population and we will use our technological assets to protect our people and show Russia that we will hold them accountable."
One of the new measures includes the expedited procurement of additional blockchain analytics technology to help the department "detect exposure among DFS-licensed virtual currency businesses to Russian individuals, banks and other entities that the Biden Administration has sanctioned."
Adrienne Harris, the superintendent of Financial Services, said since bad actors will work to evade the sections through virtual currency, it's important for officials to be able to monitor those transactions in real-time.
The news comes after Hochul issued an executive order that directed all state agencies and authorities to review and divest public funds from Russia.
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