we are waiting for crypto exchanges to start blocking users with Russian passports.

Russia uses cryptocurrencies to circumvent international sanctions

Russian companies have begun using bitcoin and other digital currencies for international payments after changes in legislation aimed at countering sanctions, Reuters reports. The sanctions have complicated Russia’s trade with allies such as China and Turkey, as local banks are wary of working with Russian counterparties due to the risk of scrutiny from Western regulators.

But after the Russian government officially allowed the use of cryptocurrencies in foreign trade and legalized their mining, including bitcoin, digital assets have become a tool for circumventing sanctions.

At the same time, 2024 was a record year for cryptocurrency theft. According to a study by Chinalysis, the amount of stolen crypto assets reached $2.2 billion, of which $1.3 billion was stolen by hackers linked to North Korea.

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