Russia’s Ability to Sidestep Sanctions via Crypto Is Limited | In the News

As the Russian invasion of Ukraine unfolded, crypto trade volumes for Ruble and Ukrainian Hryvnia trading pairs spiked.

“This means that money from outside Russia in other currencies cannot flow into Russia via conversion to cryptocurrencies,” says Ronak Doshi, Partner at Everest Group. “This is being monitored via enforcement agencies, and there might be heavy fines for non-compliance.”