Russia May Use Crypto to Circumvent US Sanctions – NYT
Analysts at The New York Times (NYT) believe that Russia can use cryptocurrencies to circumvent the sanctions imposed on it.
On February 24, the White House administration extended sanctions against Russia for the attack on Ukraine. Unfortunately, the package of sanctions does not include the closure of the SWIFT system for Russia, but they affected the activities of the largest banks in the country – Sberbank, VTB, Otkritie, Sovcombank, Novikombank and their subsidiaries.
According to NYT experts, because of these sanctions, Russian companies will want to mitigate some of the worst consequences for themselves by making deals with anyone who is willing to work with them. To bypass checkpoints, like money transfers by banks, Russia can use digital currencies.
It is possible to use the digital ruble for indirect trade without prior conversion into dollars and without detection. In addition, ransomware will allegedly make it possible to compensate for income lost due to sanctions. The journalists brought
As an example, journalists cited North Korea and Iran as examples of countries that are already using similar tools to circumvent sanctions.
On February 24, Russia carried out a paramilitary invasion of Ukraine on several fronts, shelling Kharkiv, Kyiv, Sumy, Chernihiv, Vinnytsia and other cities of various calibres.
The Ukrainian army is holding back the invasion of the enemy. From the hottest spots, the civilian population is trying to evacuate to other cities or even countries.
The world community organized to help the refugees and the Ukrainian army. Only the crypto community has transferred billions of dollars to help Ukrainians.
The BTC-Alpha team together with trusted volunteer communities created a charity fund ‘‘Alpha for Ukraine’. You can make a donation to help everyone in Ukraine who needs medicines, humanitarian aid and to support the defence of the country.