With Russia largely blocked from the US dollar-based global financial system as a result of wide-ranging sanctions, some policymakers and money-laundering experts have warned that cryptocurrencies could provide a hidden route for Russians to preserve their wealth.
US Senator Elizabeth Warren said “cryptocurrencies risk undermining sanctions against Russia, allowing Putin and his cronies to avoid economic pain,” and called upon US regulators to clamp down. Mykhailo Fedorov, Ukraine’s deputy prime minister, has repeatedly called upon crypto exchanges to block Russian users since the invasion began.
