ICYMI: Governments are on high alert for crypto in Russian sanctions evasion that nobody has seen yet
across a broader set of centralized exchanges suggested an 8x rise in ruble/BTC volume, with hryvnia, the currency of Ukraine, seeing smaller increases.
“Obviously, Russia’s going to try anything and everything they can to avoid sanctions. Digital assets will likely be one way, but it’s not going to be material,” Jorge Pesok, general counsel for Tacen, told The Block. However, ransomware gangs can operate via crypto in a way that a multi-trillion-dollar economy cannot. Russia has been subject to various sanctions for years, and has done a lot to build up its sanctions resistance.
As far as sanctioned individuals, they are more likely to turn to the means of capital flight that Russia’s oligarchs have used for decades: shell companies, offshore accounts and real estate purchased anonymously.in 2018 found that the top 0.01% of Russia’s wealthiest held over 12% of the country’s household wealth and stored a majority of that wealth overseas. The Biden administration is busy targeting those assets.
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