Playing Politics? EU Adds Crypto to Russia Sanctions, But How
The European Union is attempting to ensure crypto is included amongst the 27-nation bloc’s packages of sanctions on Russia and its oligarchs, says the French Finance Minister Bruno le Maire during a press conference. Major exchanges already agreed to freeze accounts of those sactioned, but refused to follow Ukraine’s Vice Prime Minister Mykhailo Fedorov’s call […]
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It has been argued that Russia may avoid Western sanctions for invading Ukraine by using cryptocurrencies. However, is it viable? The small scale of the cryptocurrency market restricts Russia’s capacity to use cryptocurrencies to bypass international sanctions, according to credit rating agency Moody’s. Analysts predict that sanctions will prompt the Russian Federation to create alternatives to […]
The European Union is extending the scope of sanctions introduced in response to Russia’s invasion of Ukraine, with the latest agreement between member states specifically mentioning crypto assets. Russian oligarchs, senators and Belarusian banks have been targeted. Europe’s Sanctions Classify Crypto Assets as Securities to Close Loopholes for Russia On Wednesday, the European Commission welcomed a new agreement between the 27 members of the European Union to amend the bloc’s regulations imposing sanctions on Russia — for its military assault on Ukraine —....
The Central Bank of Russia has turned down a proposal to allow the use of digital currencies for the purpose of sanctions evasion. The monetary authority believes this is hardly an option as Western regulators are already taking steps to prevent such transactions. Employing Bitcoin to Evade Sanctions Not Possible, Central Bank of Russia Says Bank of Russia considers it impossible to use cryptocurrencies to circumvent financial restrictions imposed over the military conflict in Ukraine. That’s according to a statement by the central bank’s First Deputy Governor Ksenia....
With sanctions cutting off Russia from global finances, Moscow’s motivation to establish a domestic market infrastructure for digital assets grows, a top official at the Russian finance ministry has noted. The comment comes as Russians are losing access to foreign crypto platforms.
Russia Recognizes Need for Local Crypto Assets Market
Amid expanding international sanctions over the invasion of Ukraine, Russia has been turning its attention to cryptocurrencies while concerns in the West are growing that the country may use them to circumvent financial restrictions. The....
With the EU, US, and other countries imposing financial sanctions on Russia, there have been concerns that individuals and organizations in the country will resort to crypto to circumvent the restrictions. US Sanctions Will Include Digital Assets With effect from March 1st, the US Treasury Department said that recent sanctions against Russia will include checks […]