In geopolitical and crypto news, the US and UK are reviewing more than $20 billion of cryptocurrency transactions that passed through a Russia-based virtual exchange.The probe comes as part of allied efforts to crack down on the sanctions evasion that’s supporting Vladimir Putin’s war in Ukraine.
With new technology and old rules the payments under scrutiny went through Moscow-based crypto exchange Garantex using Tether (USTD). The transfers have taken place since Garantex was sanctioned by the US and UK on suspicion of enabling financial crimes and illicit transactions in Russia. The $20 billion of transactions would represent one of the largest breaches of the sanctions imposed on Russia since the war began.
At this time there are no indication of wrongdoing by Tether, who is cooperating with law enforcement. They have the ability to freeze accounts and have taken action to enforce the sanctions. However, the news comes three days after the The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) cited 13 Russia-linked FinTechs for allegedly using cryptocurrency to evade sanctions as well.
Digital currency transactions, alongside crude oil sales, are believed to be a significant source of foreign currency for Moscow. Through these sources, Moscow has successfully managed to keep the Russian economy afloat despite the sanctions. The apparent failure of the sanctions regime has prompted the Biden administration to focus more on crypto exchanges and digital currency issuers like Tether. Which is bad for us and those impacted by Russia's invasion of Ukraine. I'll be interested to see the impacts on both fronts and I can only hope that this terrible war end soon.
There’s always a way around things.
In crypto and the current system there sure it. I would think it would be as easy as sending to an intermediary
Just bad in general. This simply adds more fuel to the haters.
I am not surprised. Russia would obviously find a way around the current blockades on the financial system. The economy continues to run and the most they can do is make it more annoying. So I guess it would probably stop some people but it might also make it more profitable for those that want to take the black market way.
Russia is a strong state so it survives and sanctions don't affect them. Good to know they are also doing crypto transactions because earlier I heard that crypto is banned there
This is not wise and I believe some certain group of people should look into this
We are seeing that the market cycle has changed so that's why the people who are are in the market right now.
We hope that this will not affect the market
It seems the eye of the russian are getting open towards crypto space