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• Oligarchs are likely to use crypto to avoid sanctions
• Elliptic identifies Russian crypto assets
• Crypto exchanges assure that sanctions will be enforced
Russian oligarchs could use cryptocurrencies to avoid sanctions
Because of the Ukraine war, some sanctions were imposed on Putin and the oligarchs around him, including asset freezes and travel bans. According to experts and politicians, Russian oligarchs could choose to flee to cryptocurrencies such as Bitcoin or Ethereum to avoid Western sanctions and keep their assets safe. Since cryptocurrencies are organized decentrally, control by banking systems is not possible, explains the tagesschau. In fact, the bitcoin price rose a day after the sanctions were imposed. Bitcoin trading has increased significantly in Russia and Ukraine in particular.
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Crypto forensics company finds Russian crypto assets
As Bloomberg now reports, the British crypto forensics firm Elliptic has now announced that it has released information to the relevant authorities about a digital wallet believed to be linked to sanctioned oligarchs and politicians. The wallet contains “significant crypto assets” in the millions, Elliptic co-founder Tom Robinson told Bloomberg in an interview. Elliptic has already identified 400 virtual wealth services where their mostly anonymous users are able to buy cryptocurrencies with rubles. In the last week, activity on these exchanges has even tripled compared to the week before the war began. The company also identified around 15 million crypto addresses associated with criminal activity that can be linked to Russia and hundreds of thousands of crypto addresses associated with Russia-based sanctioned actors and their partners, Robinson explains.
Crypto exchanges rule out blocking of Russian users
“In general, the level of compliance with sanctions is very high. [
] It is not realistic that oligarchs can completely circumvent sanctions by moving all of their wealth into cryptocurrencies. Cryptocurrencies are highly traceable. Crypto can and will be used to circumvent sanctions, but it’s not the silver bullet,” Robinson said. While crypto exchanges like Binance and Coinbase rule out blocking all Russian users on their platforms, Western sanctions would still The Ukrainian government previously demanded that all Russian users be banned from crypto exchanges.
E. Schmal / Editor finanzen.net
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