Western sanctions may not limit Russia’s access to crypto, publications claim.
As sanctions rain on Russia, following the Kremlin’s decision to invade Ukraine, media reports have suggested that they are unlikely to limit the country’s access to crypto assets. While the Russian elite may use them to circumvent restrictions, ordinary Russians are also likely to keep trading digital coins on foreign platforms.U.S.
If a wealthy individual is concerned that their accounts may be frozen due to sanctions, they can simply hold their wealth in Bitcoin in order to be protected from such actions. One of the proposed measures is to cut Russia off from Swift, the global interbank payments system. According to Artem Deev, head of the analytical department at Amarkets, such a move is unlikely to affect individual cryptocurrency users. Commenting for RBC Crypto, he expressed his opinion that Russia’s regulatory decisions will have a bigger impact.
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