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2:24
The EU seeks to prevent Russia from using cryptocurrencies to evade sanctions
As it has become known, the European Union would seek to prevent Russia from using cryptocurrencies in order to evade sanctions against it.
We had already talked about the options that Russia has to evade sanctions and one of them is cryptocurrencies. Although Moscow may not have this as one of its main alternatives, the truth is that it is a real option.
Moving money internationally through cryptocurrencies is possible and governments are unlikely to be able to stop it. However, the EU is already evaluating taking action to prevent this from happening.
The sanctions applied to Russia have been quite harsh, the objective is to suffocate the country financially to get Putin to desist from his invasion of Ukraine. But the fact that Russia could manage to evade these sanctions would mean that these efforts would be in vain.
The collapse of the ruble
The effects of the war and the sanctions are already being witnessed in Russia, the main effect it has brought is the collapse of the Ruble. In less than a week, the Russian currency has dropped to the lowest levels.
This is something that is affecting the entire country and represents an increase in the cost of living. Even though only a week has passed, Russian citizens have seen their savings disappear.
In addition, the impossibility of carrying out international transactions has meant that the country is currently stagnant. Even within the country there is a "corralito", since the Russian authorities have taken drastic measures to prevent capital flight.
Even the Russian stock market has been suspended for a week, which makes it impossible to buy or sell financial instruments.
An increase in the number of transactions from Russia
As reported by the EU, an increasing number of cryptocurrency transactions have been seen in Russia. Of course, this is not just an effort by the government or top officials to evade sanctions.
Many Russian citizens and companies are also turning to cryptocurrencies in order to keep their savings safe. The EU would be looking for a way to stop and prevent Moscow from circumventing sanctions using cryptocurrencies.
Although they are unlikely to succeed, due to the fact that cryptocurrency transactions are decentralized, the EU is evaluating various options.
