Experts doubt cryptocurrency payments can help Russia evade Western sanctions.
Russia is preparing to authorize international crypto payments but people involved in the industry doubt this would allow the country to circumvent sanctions. At the same time, the United States has been tightening the noose, recently targeting the use of cryptocurrencies to dodge the financial restrictions imposed by the West with new legislation in Congress.
On this backdrop, experts with knowledge of the industry have shared with Russian media their opinions on how realistic it is to bypass the sanctions with the help of cryptocurrencies. The crypto page of the Russian business news portal RBC has compiled them in an article, the title of which starts with the expression “Great Illusion.”
. She reminded that many state-owned companies were discussing this option back in 2014, amid earlier sanctions adopted after the Russian annexation of Crimea.Mikhail Zhuzhzhalov, a senior lawyer at the Tomashevskaya & Partners law firm, agreed with the crypto executive that the idea of overcoming financial obstacles with the help of crypto is not new.
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