Cryptocurrencies allow Russians to evade sanctions

The valuation of major digital assets has contradicted the normal haven-seeking movement that traditionally shifts investor funds into gold or oil.

Western sanctions against Russia, namely the blocking of the international system of payments between banks (Swift), are circumvented thanks to digital currencies and CIPS, the Chinese system similar to Swift.

Despite Putin’s restrictions on rubles outside the country and the freezing of Russian dollar and euro reserves, the wealthiest families with money outside Russia will have managed to escape with the support of exchanges of unregulated digital currencies. But they can’t buy anything, because no one is selling anything to Russia, and soon they won’t be able to pay the cost of the war, experts predict.

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