Cryptocurrency Is a Potential New Tool for Billionaires to Avoid Sanctions
Individuals and other entities targeted in the wake of Russia’s invasion of Ukraine may circumvent penalties if they choose to use crypto.
The Bitcoin symbol painted on a stone sphere monument in Oktyabrskaya Square in Yekaterinburg, Russia.
Photographer: Donat Sorokin/TASS/Getty ImagesCryptocurrencies may help Russia and its billionaires blunt the impact of western sanctions.
U.S. President Joe Biden said Thursday he has authorized “strong sanctions” in response to Russia’s invasion of Ukraine. These aim to limit its ability to do business in dollars and other major international currencies, and include penalties on five Russian banks that represent an estimated $1 trillion in assets. A broad swath of Russian elites and their family members will also be targeted. That’s all in addition to penalties that were imposed earlier this week.