Cryptocurrencies also play a major role in the conflict between Russia and Ukraine. In these hours, in fact, the European Commission is trying to figure out if cryptocurrencies and any other digital assets were used to attempt circumvent sanctions imposed on Russian banks following the invasion of Ukraine by the Moscow army. The news was confirmed to Reuters by an unidentified EU member.
Are cryptocurrencies used to circumvent sanctions on Russia?
There is no detailed information on the matter. For the moment, the European Commission is trying to understand if cryptocurrencies are really a usable tool to evade all sanctions imposed on banks and the Russian economy. These days he registered a sharp increase in trade between the ruble and the cryptocurrency Tether. It should be noted that the trader Binance has blocked the accounts attributable to Russian citizens affected by the sanctions.
A real risk
According to what has emerged so far, the European Commission is aware of possible attempts to circumvent sanctions. Cryptocurrencies could indeed be the right path for Russia that could avoid sanctions and support the economy during the war. An EU official told Reuters: “We are evaluating this situation, but no decision has been made.” Further updates could arrive in the next few hours.
For more details on the conflict instead you can refer to our live blog below: