Why cryptocurrencies are not helping Russia – Economy


Max Mut

On Wednesday, the EU put together its eighth package of sanctions against Russia. In addition to a price cap for oil imports, sanctions are again being imposed on people who are jointly responsible for the brutal war of aggression against Ukraine. But ever since the first sanctions package, there have been concerns about how effective the sanctions against Russia and Russian President Putin’s network really are. The fear is repeatedly expressed that oligarchs or Russia itself could use cryptocurrencies such as Bitcoin to circumvent trade restrictions. For example, the well-known US Senator Elizabeth Warren recently asked the US Treasury Department whether Russia would increase the sanctions could cushion with the help of digital currencies. The response from Treasury officials: “Yes, it is possible.”

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