Tuesday, 1 Jul 2025
America Age
  • Trending
  • World
  • Politics
  • Opinion
  • Business
    • Economy
    • Real Estate
    • Money
    • Crypto & NFTs
  • Tech
  • Lifestyle
    • Lifestyle
    • Food
    • Travel
    • Fashion / Beauty
    • Art & Books
    • Culture
  • Health
  • Sports
  • Entertainment
Font ResizerAa
America AgeAmerica Age
Search
  • Trending
  • World
  • Politics
  • Opinion
  • Business
    • Economy
    • Real Estate
    • Money
    • Crypto & NFTs
  • Tech
  • Lifestyle
    • Lifestyle
    • Food
    • Travel
    • Fashion / Beauty
    • Art & Books
    • Culture
  • Health
  • Sports
  • Entertainment
Have an existing account? Sign In
Follow US
© 2024 America Age. All Rights Reserved.
America Age > Blog > World > There’s no evidence Putin is using cryptocurrencies to dodge sanctions — and Russia’s too big for that anyway, crypto experts tell lawmakers
World

There’s no evidence Putin is using cryptocurrencies to dodge sanctions — and Russia’s too big for that anyway, crypto experts tell lawmakers

Enspirers | Editorial Board
Share
There’s no evidence Putin is using cryptocurrencies to dodge sanctions — and Russia’s too big for that anyway, crypto experts tell lawmakers
SHARE
Protester holds sign saying "Stop Putin"

Ukrainians gather in front of the White House in Washington to stage a protest against Russia’s attack in Ukraine on February 24, 2022.Yasin Öztürk/Anadolu Agency via Getty Images

  • There’s no evidence Vladimir Putin or Russia are using crypto to evade sanctions, experts told a Senate committee.

  • “You can’t flip a switch overnight, and run a G20 economy on cryptocurrency,” a FinCEN official said Thursday.

  • Russia licensed its biggest lender, Sberbank, to issue and exchange digital assets on Thursday.

There’s no sign Russia’s government or its leader President Vladimir Putin are using cryptocurrencies to dodge sanctions imposed over its war with Ukraine, industry experts told US lawmakers.

Concerns have grown recently among Democratic senators about the possibility of digital assets being used this way, especially in light of a warning from the US Treasury in October that decentralized digital assets could provide a workaround.

“We have not seen any evidence of Russia or Putin systematically using cryptocurrencies to evade sanctions at the moment,” Jonathan Levin, chief strategy officer at Chainalysis, told the Senate Banking Committee Thursday.

At the same time, the crypto market is too small for economies as large as Russia to carry out widescale evasion via digital assets, the expert panel told the Senate Banking Committee.

“You can’t flip a switch overnight, and run a G-20 economy on cryptocurrency,” Michael Mosier, a deputy director at US enforcement agency FinCEN, told lawmakers.

“It’s an access problem, it’s a rails problem, and it’s just a basic liquidity problem. Certainly, there’s going to be an element [of crypto] that’s part of their playbook. But it frankly isn’t at the top of the list.”

Levin, who is also co-founder of blockchain analysis company Chainalysis, said illicit activity like sanctions avoidance is relatively easy to detect and monitor, due to the “immutable and transparent nature of blockchains.”

Sanctioned individuals are more likely to use alternative currencies and payment networks, or traditional money-laundering schemes like the “Russian Laundromat“, rather than using digital assets, he said. These routes aren’t directly traceable using blockchain tools.

A high risk of detection and seizure are factors that could discourage Russians from using crypto to sidestep sanctions, according to Levin.

Russia is now the world’s most-sanctioned nation after its invasion of Ukraine on February 24, which threatens to hobble its economy. Sanctions imposed by the US and its allies mean that major Russian banks have no access to the international SWIFT payments system, and the country is effectively cut off from the global financial system.

On Wednesday, Sen. Elizabeth Warren and 11 other Democrats proposed a bill to allow the US government to block transactions with Russian-linked crypto addresses.

The US Treasury last week alerted financial institutions to be vigilant of Russian oligarchs and state actors attempting to use crypto in sanctions evasion.

FinCEN’s Mosier noted that exchanges, unless they are based in Russia, would be hesitant to conduct transactions in exchange for rubles. The Russian currency plunged to a record low in the wake of the sanctions.

Russia’s central bank said Thursday it had licensed major lender Sberbank to issue and exchange digital assets, despite the country’s long history of skepticism of crypto, including the finance minister’s call for an outright ban.

Sberbank, Russia’s biggest lender, said Friday that sanctions now mean its customers can’t transfer funds in dollars and other foreign currencies to bank accounts in Russia and abroad, according to Reuters.

At the Senate hearing, Sen. Patrick Toomey said there is no completely bullet-proof sanctions regime.

“It’s quite possible that an oligarch somewhere may be using a variety of tools, including crypto, to try to hide some assets,” he said.

“But according to administration officials across multiple agencies, there is simply no evidence of cryptocurrencies being used by Russia to evade sanctions in any significant way.”

Read more: A 30-year-old crypto podcaster turned VC received $100 million in backing from the likes of a16z founders and the Winklevoss twins. He shares the 3-part NFT investing strategy that helped win them over — and 4 projects to watch

Read the original article on Business Insider

Share This Article
Twitter Email Copy Link Print
Previous Article Russia crisis spurs push to cut oil use Russia crisis spurs push to cut oil use
Next Article Disney Imagineers Demand Halt of Mass Move to Florida After ’Don’t Say Gay’ Blow-Up (Exclusive) Disney Imagineers Demand Halt of Mass Move to Florida After ’Don’t Say Gay’ Blow-Up (Exclusive)

Your Trusted Source for Accurate and Timely Updates!

Our commitment to accuracy, impartiality, and delivering breaking news as it happens has earned us the trust of a vast audience. Stay ahead with real-time updates on the latest events, trends.
FacebookLike
TwitterFollow
InstagramFollow
LinkedInFollow
MediumFollow
QuoraFollow
- Advertisement -
Ad image

Popular Posts

Taylor Swift Does not Let Tech Situation Faze Her Mid-Efficiency With Roaring Crowd

Taylor Swift ran right into a tech difficulty whereas performing night time 1 of her…

By Enspirers | Editorial Board

‘The Voice’ viewers protest ‘blatantly racist’ Season 22 top eight results: ‘Is Trump or Kanye voting?’

Parijita Bastola, Kim Cruse, Justin Aaron, Omar José Cardona comprise the bottom four on 'The…

By Enspirers | Editorial Board

Ukraine war: South Africa refuses to seize sanctioned Russian superyacht

The Nord superyacht docked in Hong Kong waters with the city skyline in the backgroundSouth…

By Enspirers | Editorial Board

Inflation Soared in June, Pinching Consumers and Challenging Policymakers

Prices surged 9.1 percent in June as consumers faced rapidly rising costs for gas, food…

By Enspirers | Editorial Board

You Might Also Like

Australia information dwell: wild NSW climate leaves at the very least 37,000 properties with out energy; Wong says Quad discussions with Rubio ‘positive’
World

Australia information dwell: wild NSW climate leaves at the very least 37,000 properties with out energy; Wong says Quad discussions with Rubio ‘positive’

By Enspirers | Editorial Board
AustralianSuper criticised for getting up shares in Whitehaven Coal whereas claiming to be dedicated to web zero
World

AustralianSuper criticised for getting up shares in Whitehaven Coal whereas claiming to be dedicated to web zero

By Enspirers | Editorial Board
Iran’s closure of strait of Hormuz could be monumental act of self-harm, says Lammy
World

Iran’s closure of strait of Hormuz could be monumental act of self-harm, says Lammy

By Enspirers | Editorial Board
AustralianSuper criticised for getting up shares in Whitehaven Coal whereas claiming to be dedicated to web zero
World

WhatsApp messaging app banned on all US Home of Representatives gadgets

By Enspirers | Editorial Board
America Age
Facebook Twitter Youtube

About US


America Age: Your instant connection to breaking stories and live updates. Stay informed with our real-time coverage across politics, tech, entertainment, and more. Your reliable source for 24/7 news.

Company
  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • WP Creative Group
  • Accessibility Statement
Contact Us
  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability
Terms of Use
  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices
© 2024 America Age. All Rights Reserved.
Welcome Back!

Sign in to your account

Lost your password?